Section 92CD of Income Tax 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) Save as otherwise provided in this section, all other
provisions of this Act shall apply accordingly as if the
modified return is a return furnished under section 139.
(3) 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), the Assessing Officer shall, in a case
where modified return is filed in accordance with the
provisions of sub-section (1), 54[pass an order modifying
the total income of the relevant assessment year determined
in such assessment or reassessment, as the case may be,]
having regard to and in accordance with the agreement.
(4) Where the assessment or reassessment proceedings for an
assessment year relevant to the previous year to which the
agreement applies are pending on the date of filing of
modified return in accordance with the provisions of
sub-section (1), the Assessing Officer shall proceed to
complete the assessment or reassessment proceedings in
accordance with the agreement taking into consideration the
modified return so furnished.
(5) Notwithstanding anything contained in section 153 or
section 153B or section 144C,-
(a) the order 55[***] under sub-section (3) shall be passed
within a period of one year from the end of the financial
year in which the modified return under sub-section (1) is
furnished;
(b) the period of limitation as provided 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.
What is the Meaning of associated enterprise? Section 92A of Income Tax Act 1961
What is the Meaning of international transaction? Section 92B of Income Tax Act 1961
What is the Meaning of specified domestic transaction? Section 92BA of Income Tax Act 1961
What is Computation of arm's length price? Section 92C of Income Tax Act 1961
What is Reference to Transfer Pricing Officer? Section 92CA of Income Tax Act 1961
What is the Effect to advance pricing agreement? Section 92CD of Income Tax Act 1961