India - Income Tax Act 2010 - Saarc

S. 92D I.T. ACT, 1961 1.534order of assessment or reassessment or recomputation or fresh assessment, asthe case may be, expires.]31[(4) On receipt of the order under sub-section (3), the Assessing Officer shallproceed to compute the total income of the assessee under sub-section (4) ofsection 92C in conformity with the arm’s length price as so determined by theTransfer Pricing Officer.](5) With a view to rectifying any mistake apparent from the record, the TransferPricing Officer may amend any order passed by him under sub-section (3), andthe provisions of section 154 shall, so far as may be, apply accordingly.(6) Where any amendment is made by the Transfer Pricing Officer under subsection(5), he shall send a copy of his order to the Assessing Officer who shallthereafter proceed to amend the order of assessment in conformity with suchorder of the Transfer Pricing Officer.(7) The Transfer Pricing Officer may, for the purposes of determining the arm’slength price under this section, exercise all or any of the powers specified inclauses (a) to (d) of sub-section (1) of section 131 or sub-section (6) of section 133.Explanation.—For the purposes of this section, “Transfer Pricing Officer” meansa Joint Commissioner or Deputy Commissioner or Assistant Commissionerauthorised by the Board 32 to perform all or any of the functions of an AssessingOfficer specified in sections 92C and 92D in respect of any person or class ofpersons.]33[Power of Board to make safe harbour rules.92CB. (1) The determination of arm’s length price under section 92C or section92CA shall be subject to safe harbour rules.(2) The Board may, for the purposes of sub-section (1), make rules for safeharbour.Explanation.—For the purposes of this section, “safe harbour” means circumstancesin which the income-tax authorities shall accept the transfer pricedeclared by the assessee.]Maintenance and keeping of information and document by persons entering intoan international transaction.92D. (1) Every person who has entered into an international transaction shallkeep and maintain such information and document in respect thereof, asmay be prescribed 34 .(2) Without prejudice to the provisions contained in sub-section (1), the Boardmay prescribe the period for which the information and document shall be keptand maintained under that sub-section.31. Substituted by the Finance Act, 2007, w.e.f. 1-6-2007. Prior to its substitution, sub-section(4) read as under :“(4) On receipt of the order under sub-section (3), the Assessing Officer shall proceed tocompute the total income of the assessee under sub-section (4) of section 92C havingregard to the arm’s length price determined under sub-section (3) by the Transfer PricingOfficer.”32. For notified subordinate officers, see Taxmann’s Master Guide to Income-tax Act.33. Inserted by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009.34. See rule 10D.