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Section37
The Finance Act, 2012

Amendment of section 92C

In force As on 11 Oct 2026

Ministry Finance Cited by 1 provision

Section 37 of the Finance Act, 2012 deals with amendment of section 92C. Amendment of section 92C. 37. In section 92C of the Income-tax Act,— (a) in sub-section (2),— (i) in the second proviso, for the words "does not exceed such percentage of latter as may be notified", the words "does not exceed such percentage not exceeding three per cent of the latter, as may be noti

Amendment of section 92C.

37. In section 92C of the Income-tax Act,—

(a) in sub-section (2),—

(i) in the second proviso, for the words "does not exceed such percentage of latter as may be notified", the words "does not exceed such percentage not exceeding three per cent of the latter, as may be notified" shall be substituted with effect from the 1st day of April, 2013;

(ii) after the second proviso, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 2009, namely:—

"Explanation.—For the removal of doubts, it is hereby clarified that the provisions of the second proviso shall also be applicable to all assessment or reassessment proceedings pending before an Assessing Officer as on the 1st day of October, 2009.";

(b) after sub-section (2), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2002, namely:—

"(2A) Where the first proviso to sub-section (2) as it stood before its amendment by the Finance (No.

2) Act, 2009 (33 of 2009), is applicable in respect of an international transaction for an assessment year and the variation between the arithmetical mean referred to in the said proviso and the price at which such transaction has actually been undertaken exceeds five per cent of the arithmetical mean, then, the assessee shall not be entitled to exercise the option as referred to in the said proviso.";

(c) after sub-section (2A) as so inserted, the following sub-section shall be inserted with effect from the 1st day of July, 2012, namely:—

"(2B) Nothing contained in sub-section (2A) shall empower the Assessing Officer either to assess or reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154 for any assessment year the proceedings of which have been completed before the 1st day of October, 2009.".

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Section 37, The Finance Act, 2012.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 92C Computation of arm's length price

Referred to by 1

  1. s. First Schedule First Schedule

Questions about Section 37

What does Section 37 of the Finance Act deal with?

Section 37 of the Finance Act is headed "Amendment of section 92C". Amendment of section 92C. 37. In section 92C of the Income-tax Act,— (a) in sub-section (2),— (i) in the second proviso, for the words "does not exceed such percentage of latter as may be notified", the words "does not exceed such percentage not exceeding three per cent of the latter, as may be noti

How do I find court cases under Section 37 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2012 37, section 37 Finance Act 2012, section 37 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 37 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 92C (Computation of arm's length price), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2012. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.