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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 ..... lude the methods 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 rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation is made by a 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. 92CD. Effect to advance pricing agreement. (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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided in section 153 or section 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.'. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax M ..... X X X X Extracts X X X X X X X X Extracts X X X X
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