Section 43 - Amendment of section 92CB. - Finance Act, 2020

Amendment of section 92CB. 43. In section 92CB of the Income-tax Act,- (I) for sub-section (1), the following sub-section shall be substituted, namely:- (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. ; (II) in sub-section (2), in the Explanation, for the words the transfer price declared by the assessee , the words, brackets and figures 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 shall be substituted.