{"act":{"id":"finance-act-2009","short_title":"The Finance Act, 2009","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2009-2010.","act_number":null,"act_year":2009,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":89,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2009/"},"unit":"section","section":{"number":"42","heading":"Insertion of new section 92CB","text":"Insertion of new section 92CB. 42. 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.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Insertion of new section 92CB.</b></p><p><b>42.</b> After section 92CA of the Income-tax Act, the following sec­tion shall be inserted, namely:—</p><p>‘92CB. <i>Power of Board to make safe harbour rules.</i>—(1) The deter­mination of arm’s length price under section 92C or section 92CA shall be subject to safe harbour rules.</p><p><span class=\"num\">(2)</span> The Board may, for the purposes of sub-section (1), make rules for safe harbour.</p><p><i>Explanation.</i>—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.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":93,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2009/section/42/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}