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SPECIAL MEASURES IN RESPECT OF TRANSACTIONS WITH PERSONS LOCATED IN NOTIFIED JURISDICTIONAL AREA

Income Tax - Tax Liability in special Circumstances / Specific Cases - 20 - SPECIAL MEASURES IN RESPECT OF CERTAIN TRANSACTIONS [SEC. 94A] In order to discourage transactions by a resident assessee with persons located in any country or jurisdiction which does not effectively exchange information with India, anti-avoidance measures have been made by inserting section 94A with effect from June 1, 2011. NOTIFIED JURISDICTIONAL AREA [Sec. 94A(1)] Sub-section (1) of section 94A provides an enabling .....

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nd The transaction shall be deemed to be an international transaction. CONSEQUENCES If the aforesaid pre-conditions are fulfilled: All the parties to the transaction shall be deemed to be associated enterprises within the meaning of section 92A. The transaction shall be deemed to be an international transaction within the meaning of section 92B. The provisions of transfer pricing [except the second proviso to section 92C(2)], shall apply to such transaction and accordingly, the income or expendi .....

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formation from the said financial institution. Also such interest should be allowed on the basis of Arm s Length Price. Deduction of Expenses and Depreciation 94A(3)(b): No deduction in respect of any other expenditure or allowance (including depreciation) arising from the transaction with a person located in an NJA shall be allowed unless the assessee maintains such other documents and furnishes the information may be prescribed. The deduction shall be allowed on the basis of Arm s Length Price .....

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