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Insertion of new section 92CE. - Secondary adjustment in certain cases.

Clause 42 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2017 - Clause 42 - Insertion of new section 92CE. 42. After section 92CD of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2018, namely: .....

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mined by an advance pricing agreement entered into by the assessee under section 92CC; (iv) is made as per the safe harbour rules framed under section 92CB; or (v) is arising as a result of resolution of an assessment by way of the mutual agreement p .....

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ustment made in any previous year does not exceed one crore rupees; and (ii) the primary adjustment is made in respect of an assessment year commencing on or before the 1st day of April, 2016. (2) Where, as a result of primary adjustment to the trans .....

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hall be deemed to be an advance made by the assessee to such associated enterprise and the interest on such advance, shall be computed in such manner as may be prescribed. (3) For the purposes of this section,- (i) associated enterprise shall have th .....

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ined in primary adjustment and the price at which the international transaction has actually been undertaken; (iv) primary adjustment to a transfer price means the determination of transfer price in accordance with the arm s length principle resultin .....

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on of profits between the assessee and its associated enterprise are consistent with the transfer price determined as a result of primary adjustment, thereby removing the imbalance between cash account and actual profit of the assessee. . Clause 42 o .....

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been made suo motu by the assessee in his return of income; or made by the Assessing Officer has been accepted by the assessee; or is determined by an advance pricing agreement entered into by the assessee under section 92CC; or is made as per the s .....

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d to provide that where as a result of primary adjustment to the transfer price, there is an increase in the total income or reduction in the loss, as the case may be, of the assessee, the excess money which is available with its associated enterpris .....

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