Section 92CB - Power of Board to make safe harbour rules - Income-tax Act, 1961

1 [Power of Board to make safe harbour rules. 92CB. 2 [ (1) The determination of (a) income referred to in clause (i) of sub-section (1) of section 9; or (b) arm s length price under section 92C or section 92CA, shall be subject to safe harbour rules. ] (2) The Board may, for the purposes of sub-section (1), make rules for safe harbour. Explanation .-For the purposes of this section, safe harbour means circumstances in which the income-tax authorities shall accept 3 [ the transfer price or income, deemed to accrue or arise under clause (i) of sub-section (1) of section 9, as the case may be, declared by the assessee ]] *********************** 1. Inserted vide Finance (No.2) Act, 2009, w.e.f. 1-4-2009. 2. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as (1) The determination of arm s length price under section 92C or section 92CA shall be subject to safe harbour rules. 3. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as the transfer price declared by the assessee.