Section 30 - Amendment of section 80-IA. - Finance Act, 2012

Amendment of section 80-IA. 030. 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.".