{"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":"34","heading":"Amendment of section 92","text":"Amendment of section 92. 34. In section 92 of the Income-tax Act, with effect from the 1st day of April, 2013,— (a) in sub-section (2), for the words \"international transaction\", the words \"international transaction or specified domestic transaction\" shall be substituted; (b) after sub-section (2), the following sub-section shall be inserted, namely:— \"(2A) Any allowance for an expenditure or interest or allocation of any cost or expense or any income in relation to the specified domestic transaction shall be computed having regard to the arm's length price.\"; (c) in sub-section (3),— (i) for the words \"international transaction\", the words \"international transaction or specified domestic transaction\" shall be substituted; (ii) for the word, brackets and figure \"sub-section (1)\", the words, brackets, figures and letter \"sub-section (1) or sub-section (2A)\" shall be substituted; (iii) for the words \"that sub-section\", the words, brackets, figures and letter \"sub-section (1) or sub-section (2A)\" shall be substituted; (iv) after the word, brackets and figure \"sub-section (2)\", the words, brackets, figure and letter \"or sub-section (2A)\" shall be inserted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 92.</b></p><p><b>34. </b>In section 92 of the Income-tax Act, with effect from the 1st day of April, 2013,—</p><p>(<i>a</i>) in sub-section (2), for the words \"international transaction\", the words \"international transaction or specified domestic transaction\" shall be substituted;</p><p>(<i>b</i>) after sub-section (2), the following sub-section shall be inserted, namely:—</p><p>\"(2A) Any allowance for an expenditure or interest or allocation of any cost or expense or any income in relation to the specified domestic transaction shall be computed having regard to the arm's length price.\";</p><p>(<i>c</i>) in sub-section (3),—</p><p>(<i>i</i>) for the words \"international transaction\", the words \"international transaction or specified domestic transaction\" shall be substituted;</p><p>(<i>ii</i>) for the word, brackets and figure \"sub-section (1)<i>\", </i>the words, brackets, figures and letter \"sub-section (1) or sub-section (2A)\" shall be substituted;</p><p>(<i>iii</i>) for the words \"that sub-section\", the words, brackets, figures and letter \"sub-section (1) or sub-section (2A)\" shall be substituted;</p><p>(<i>iv</i>) after the word, brackets and figure \"sub-section (2)\", the words, brackets, figure and letter \"or sub-section (2A)\" shall be inserted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":178,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/section/34/","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."}