Amendment of section 92CA.

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..... m the 1st day of April, 2013; (b) after sub-section (2A), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of June, 2002, namely: (2B) Where in respect of an international transaction, the assessee has not furnished the report under section 92E and such transaction comes to the notice of the Transfer Pricing Officer during the cours .....

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..... cing Officer. The existing provisions of the aforesaid section 92CA provide for reference to Transfer Pricing Officer for computation of arm s length price in relation to an international transaction. It is proposed to amend sub-sections (1), (2) and (3) of the aforesaid section to substitute the expression international transaction or specified domestic transaction in place of international trans .....

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..... all the provisions of Chapter X of the Income-tax Act shall apply accordingly. This amendment will take effect retrospectively from 1st June, 2002. It is also proposed to insert a new sub-section (2C) so as to provide that nothing contained in this sub-section shall empower the Assessing Officer either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund alr .....

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