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TMI BlogInsertion of new sections 92CC and 92CD.X X X X Extracts X X X X X X X X Extracts X X X X ..... thods referred to in sub-section (1) of section 92C or any other method, with such adjustments or variations, as may be necessary or expedient so to do. (3) Notwithstanding anything contained in section 92C or section 92CA, the arm s length price of any international transaction, in respect of which the advance pricing agreement has been entered into, shall be determined in accordance with the advance pricing agreement so entered. (4) The agreement referred to in sub-section (1) shall be valid for such period not exceeding five consecutive previous years as may be specified in the agreement. (5) The advance pricing agreement entered into shall be binding (a) on the person in whose case, and in respect of the transaction in relation to which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person for entering into an agreement referred to in sub-section (1), the proceeding shall be deemed to be pending in the case of the person for the purposes of the Act. Effect to advance pricing agreement. 92CD. (1) Notwithstanding anything to the contrary contained in section 139, where any person has entered into an agreement and prior to the date of entering into the agreement, any return of income has been furnished under the provisions of section 139 for any assessment year relevant to a previous year to which such agreement applies, such person shall furnish, within a period of three months from the end of the month in which the said agreement was entered into, a modified return in accordance with and limited to the agreement. (2) Sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 153B or section 144C for completion of pending assessment or reassessment proceedings referred to in sub-section (4) shall be extended by a period of twelve months. (6) For the purposes of this section, (i) agreement means an agreement referred to in sub-section (1) of section 92CC; (ii) the assessment or reassessment proceedings for an assessment year shall be deemed to have been completed where (a) an assessment or reassessment order has been passed; or (b) no notice has been issued under sub-section (2) of section 143 till the expiry of the limitation period provided under the said section. . - Clause 39 of the Bill seeks to insert new sections 92CC and 92CD in the Income-tax Act relating to advance pricing agreement and effect to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espect of the said person and the said transaction. However, the agreement shall not be binding if there is a change in law or facts having bearing on the agreement so entered. It is also proposed to provide that the Board may with the approval of the Central Government, by an order, declare an agreement to be void ab initio, if it finds that the agreement has been obtained by the person by fraud or misrepresentation of facts. It is also proposed to provide that upon declaring the agreement void ab initio all the provisions of the Act shall apply to the person as if such agreement had never been entered into and notwithstanding anything contained in the Act, for the purpose of computing any period of limitation under this Act, the period be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at save as otherwise provided in this section, all the other provisions of this Act shall apply accordingly as if the modified return is a return furnished under section 139. It is also proposed to provide that if the assessment or reassessment proceedings for an assessment year relevant to a previous year to which the agreement applies have been completed before the expiry of period allowed for furnishing of modified return under sub-section (1) and the Assessing Officer shall, in a case where modified return is filed in accordance with the provisions of sub-section (1), proceed to assess or reassess or re-compute the total income of the relevant assessment year having regard to and in accordance with the agreement. It is also proposed to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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