{"act":{"id":"finance-act-2012","short_title":"The Finance Act, 2012","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.","act_number":null,"act_year":2012,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":121,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2012/"},"unit":"section","section":{"number":"30","heading":"Amendment of section 80-IA","text":"Amendment of section 80-IA. 30. In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 2013,— (a) in sub-section (4), in clause (iv), for the words, figures and letters \"the 31st day of March, 2012\", wherever they occur, the words, figures and letters \"the 31st day of March, 2013\" shall respectively be substituted; (b) in sub-section (8), for the Explanation, the following Explanation shall be substituted, namely:— 'Explanation—For the purposes of this sub-section, \"market value\", in relation to any goods or services, means— (i) the price that such goods or services would ordinarily fetch in the open market; or (ii) the arm's length price as defined in clause (ii) of section 92F, where the transfer of such goods or services is a specified domestic transaction referred to in section 92BA.'; (c) in sub-section (10), the following proviso shall be inserted, namely:— \"Provided that in case the aforesaid arrangement involves a specified domestic transaction referred to in section 92BA, the amount of profits from such transaction shall be determined having regard to arm's length price as defined in clause (ii) of section 92F.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 80-IA.</b></p><p><b>30. </b>In section 80-IA of the Income-tax Act, with effect from the 1st day of April, 2013,—</p><p>(<i>a</i>) in sub-section (4), in clause (<i>iv</i>)<i>, </i>for the words, figures and letters \"the 31st day of March, 2012\", wherever they occur, the words, figures and letters \"the 31st day of March, 2013\" shall respectively be substituted;</p><p>(<i>b</i>) in sub-section (8), for the <i>Explanation, </i>the following <i>Explanation </i>shall be substituted, namely:—</p><p><i> 'Explanation</i>—For the purposes of this sub-section, \"market value\", in relation to any goods or services, means—</p><p>(<i>i</i>) the price that such goods or services would ordinarily fetch in the open market; or</p><p>(<i>ii</i>) the arm's length price as defined in clause (<i>ii</i>) of section 92F, where the transfer of such goods or services is a specified domestic transaction referred to in section 92BA.';</p><p>(<i>c</i>) in sub-section (10)<i>, </i>the following proviso shall be inserted, namely:—</p><p>\"<b>Provided</b> that in case the aforesaid arrangement involves a specified domestic transaction referred to in section 92BA, the amount of profits from such transaction shall be determined having regard to arm's length price as defined in clause (<i>ii</i>) of section 92F.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":193,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/section/30/","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."}