Bare Act Search Results
Home Bare Acts Phrase: section 92cFinance (No. 2) Act 2009 Section 41
Title: Amendment of Section 92c
State: Central
Year: 2009
In section 92C of the Income-tax Act, in sub-section (2), for the proviso, the following provisos shall Be substituted with effect from the 1st day of October, 2009, namely:-- "Provided that where more than one price is determined by the most appropriate method, the arm's length price shall be taken to be the arithmetical mean of such prices: Provided further that if the variation between the arm's length price so determined and price at which the international transaction has actually been undertaken does not exceed five per cent. of the latter, the price at which the international transaction has actually been undertaken shall be deemed to be the arm's length price.".
View Complete Act List Judgments citing this sectionFinance Act, 2011, (Central) Section 13
Title: Amendment of Section 92c
State: Central
Year: 2011
In section 92C of the Income-tax Act, in sub-section (2), in the second proviso, for the words "five per cent. of the latter", the words "such percentage of the latter, as may be notified by the Central Government in the Official Gazette in this behalf" shall be substituted with effect from the 1st day of April, 2012.
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 41
Title: Amendment of Section 92c
State: Central
Year: 2002
In section 92C of the Income-tax Act,-- (a) in sub-section (2), for the proviso, the following proviso shall be substituted, namely:-- "Provided that where more than one price is determined by the most appropriate method, the arm's length price shall be taken to be the arithmetical mean of such prices, or, at the option of the assessee, a price which may vary from the arithmetical mean by an amount not exceeding five per cent, of such arithmetical mean."; (b) in sub-section (4), in the second proviso, after the words "from which tax has been deducted", the words "or was deductible" shall be inserted.
View Complete Act List Judgments citing this sectionFinance Act, 2006 Section 21
Title: Amendment of Section 92c
State: Central
Year: 2006
In section 92C of the Income-tax Act, in sub-section (4), in the first proviso, for the words, figures and letters "section 10A or section 10B", the words, figures and letters "section 10A or section 10AA or section 10B" shall be substituted with effect from the 1st day of April, 2007.
View Complete Act List Judgments citing this sectionFinance Act, 2012, (Central) Section 36
Title: Amendment of Section 92c
State: Central
Year: 2012
.....Where the first proviso to sub-section (2) as it stood before its amendment by the Finance (No. 2) Act, 2009 (33 of 2009), is applicable in respect of an international transaction for an assessment year and the variation between the arithmetical mean referred to in the said proviso and the price at which such transaction has actually been undertaken exceeds five per cent. of the arithmetical mean, then, the assessee shall not be entitled to exercise the option as referred to in the said proviso."; (c) after sub-section (2A) as so inserted, the following sub-section shall be inserted with effect from the 1st day of July, 2012, namely:-- "(2B) Nothing contained in sub-section (2A) shall empower the Assessing Officer either to assess or reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154 for any assessment year the proceedings of which have been completed before the 1st day of October, 2009.".
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 42
Title: Insertion of New Section 92ca
State: Central
Year: 2002
.....he may, with the previous approval of the Commissioner, refer the computation of the arm's length price in relation to the said international transaction under section 92C to the Transfer Pricing Officer. (2) Where a reference is made under sub-section (1), the Transfer Pricing Officer shall serve a notice on the assessee requiring him to produce or cause to be produced on a date to be specified therein, any evidence on which the assessee may rely in support of the computation made by him of the arm's length price in relation to the international transaction referred to in sub-section (1) (3) On the date specified in the notice under sub-section (2), or as soon thereafter as may be, after hearing such evidence as the assessee may produce, including any information or documents referred to in sub-section (3) of section 92D and after considering such evidence as the Transfer Pricing Officer may require on any specified points and after taking into account all relevant materials which he has gathered, (he Transfer Pricing Officer shall, by order in writing, determine the arm's length price in relation to the international transaction in accordance with sub-section (3) of.....
View Complete Act List Judgments citing this sectionFinance Act 2001 Section 86
Title: Amendment of Section 271
State: Central
Year: 2001
.....the 1st day of April, 2002, namely:- "Explanation 7.- Where in the case of an assessee who has entered in to an international transaction defined in section 92B, any amount is added or disallowed in computing the total income under sub-section (4) of section 92C, then, the amount so added or disallowed shall, for the purposes of clause (c) of this sub-section, be deemed to represent income in respect of which particulars have been concealed or inaccurate particular have been furnished, unless the assessee proves to the satisfaction of the Assessing Officer or the Commissioner (Appeals) that the price charged or paid in such transaction was computed in accordance with the provisions contained in section 92C and in the manner prescribed under that section, in good faith and with due diligence.".
View Complete Act List Judgments citing this sectionFinance Act, 2012, (Central) Section 39
Title: Insertion of New Sections 92cc and 92cd
State: Central
Year: 2012
.....of the said person and the said transaction. (6) The agreement referred to in sub-section (1) shall not be binding if there is a change in law or facts having bearing on the agreement so entered. (7) 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. (8) Upon declaring the agreement void ab initio,-- (a) all the provisions of the Act shall apply to the person as if such agreement had never been entered into; and (b) notwithstanding anything contained in the Act, for the purpose of computing any period of limitation under this Act, the period beginning with the date of such agreement and ending on the date of order under sub-section (7) shall be excluded: Provided that where immediately after the exclusion of the aforesaid period, the period of limitation, referred to in any provision of this Act, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly. (9) The Board may, for the purposes of this.....
View Complete Act List Judgments citing this sectionFinance (No. 2) Act 2009 Section 42
Title: Insertion of New Section 92cb
State: Central
Year: 2009
After section 92CA of the Income-tax Act, the following section shall be inserted, namely:-- '92CB. Power of Board to make safe harbour rules. (1) The determination of arm's length price under section 92C or section 92CA shall be subject to safe harbour rules. (2) The Board may, for the purposes of sub-section (1), make rules for safe harbour. Explanation.--For the purposes of this section, "safe harbour" means circumstances in which the income-tax authorities shall accept the transfer price declared by the assessee.'.
View Complete Act List Judgments citing this sectionFinance Act 2007 Section 33
Title: Amendment of Section 92ca
State: Central
Year: 2007
In section 92CA of the Income-tax Act, with effect from the 1st day of June, 2007,-- (i) after sub-section (3), the following sub-section shall be inserted, namely: -- "(3A) Where a reference was made under sub-section (1) before the 1st day of June, 2007 but the order under sub-section (3) has not been made by the Transfer Pricing Officer before the said date, or a reference under sub-section (1) is made on or after the 1st day of June, 2007, an order under sub-section (3) may be made at any time before sixty days prior to the date on which the period of limitation referred to in section 153, or as the case may be, in section 153B for making the order of assessment or reassessment or recomputation or fresh assessment, as the case may be, expires."; (ii) for sub-section (4), the following sub-section shall be substituted, namely:-- "(4) On receipt of the order under sub-section (3), the Assessing Officer shall proceed to compute the total income of the assessee under sub-section (4) of section 92C in conformity with the arm's length price as so determined by the Transfer Pricing Officer.".
View Complete Act List Judgments citing this section- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial