Clause 32 - Amendment of section 92CC - Finance (No. 2) Bill, 2014

Amendment of section 92CC 32. In section 92CC of the Income-tax Act, after sub-section (9), the following sub-section shall be inserted with effect from the 1st day of October, 2014, namely: (9A) The agreement referred to in sub-section (1), may, subject to such conditions, procedure and manner as may be prescribed, provide for determining the arm s length price or specify the manner in which arm s length price shall be determined in relation to the international transaction entered into by the person during any period not exceeding four previous years preceding the first of the previous years referred to in sub-section (4), and the arm s length price of such international transaction shall be determined in accordance with the said agreement. .