{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"43","heading":"Amendment of Section 92CB","text":"Amendment of section 92CB. 43. In section 92CB of the Income-tax Act,— (I) | for sub-section (1), the following sub-section shall be substituted, namely:— \"(1) The determination of— (a) | income referred to in clause (i) of sub-section (1) of section 9; or (b) | arm's length price under section 92C or section 92CA, shall be subject to safe harbour rules.\"; (II) | in sub-section (2), in the Explanation, for the words \"the transfer price, declared by the assessee\", the words, brackets and figures \"the transfer price or income, deemed to accrue or arise under clause (i) of sub-section (1) of section 9, as the case may be, declared by the assessee\" shall be substituted.","html":"<p><b>Amendment of section 92CB.</b></p><p><b>43.</b> In section 92CB of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>for sub-section (1), the following sub-section shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(1) The determination of—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>income referred to in clause (<i>i</i>) of sub-section (1) of section 9; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>arm's length price under section 92C or section 92CA,</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>shall be subject to safe harbour rules.\";</td></tr><tr><td>(<i>II</i>)</td><td></td><td>in sub-section (2), in the <i>Explanation</i>, for the words \"the transfer price, declared by the assessee\", the words, brackets and figures \"the transfer price or income, deemed to accrue or arise under clause (<i>i</i>) of sub-section (1) of section 9, as the case may be, declared by the assessee\" shall be substituted.</td></tr></table></div>","words":115,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/43/","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."}