Clause 29 - Amendment of section 80-IA. - Finance Bill, 2012

Amendment of section 80-IA. 29. In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 2013, (a) in sub-section (4), in clause (iv), for the words, figures and letters the 31st day of March, 2012 , wherever they occur, the words, figures and letters the 31st day of March, 2013 shall respectively be substituted; (b) in sub-section (8), for the Explanation, the following Explanation shall be substituted, namely: Explanation . For the purposes of this sub-section, market value , in relation to any goods or services, means (i) the price that such goods or services would ordinarily fetch in the open market; or (ii) the arm s length price as defined in clause (ii) of section 92F, where the transfer of such goods or services is a specified domestic transaction referred to in section 92BA. ; (c) in sub-section (10), the following proviso shall be inserted, namely: Provided that in case the aforesaid arrangement involves a specified domestic transaction referred to in section 92BA, the amount of profits from such transaction shall be determined having regard to arm s length price as defined in clause (ii) of section 92F. .