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TMI BlogAmendment of section 92B.X X X X Extracts X X X X X X X X Extracts X X X X ..... ied that-- (i) the expression "international transaction" shall include-- (a) the purchase, sale, transfer, lease or use of tangible property including building, transportation vehicle, machinery, equipment, tools, plant, furniture, commodity or any other article, product or thing; (b) the purchase, sale, transfer, lease or use of intangible property, including the transfer of ownership or t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing service; (e) a transaction of business restructuring or reorganisation, entered into by an enterprise with an associated enterprise, irrespective of the fact that it has bearing on the profit, income, losses or assets of such enterprises at the time of the transaction or at any future date; (ii) the expression "intangible property" shall include-- (a) marketing related intangible assets, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er relationship, open purchase orders; (g) contract related intangible assets, such as, favourable supplier, contracts, licence agreements, franchise agreements, non-compete agreements; (h) human capital related intangible assets, such as, trained and organised work force, employment agreements, union contracts; (i) location related intangible assets, such as, leasehold interest, mineral exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 92D and 92E.
It is proposed to insert an Explanation to the aforesaid section so as to clarify the definition of the expressions "international transaction" and "intangible property".
This amendment will take effect retrospectively from 1st April, 2002 and will, accordingly, apply in relation to the assessment year 2002-2003 and subsequent assessment years. X X X X Extracts X X X X X X X X Extracts X X X X
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