Amendment of Section 92CC

Section 44 of the Finance Act, 2020 deals with amendment of Section 92CC. Amendment of section 92CC. 44. In section 92CC of the Income-tax Act,— (a) | for sub-section (1), sub-section (2) and sub-section (3), the following sub-sections shall be substituted, namely:— "(1) The Board, with the approval of the Central Government, may enter into an advance pricing agreement wi

Amendment of section 92CC.

44. In section 92CC of the Income-tax Act,—

(a)		for sub-section (1), sub-section (2) and sub-section (3), the following sub-sections shall be substituted, namely:—
		"(1) The Board, with the approval of the Central Government, may enter into an advance pricing agreement with any person, determining the—

(a)		arm's length price or specifying the manner in which the arm's length price is to be determined, in relation to an international transaction to be entered into by that person;
(b)		income referred to in clause (i) of sub-section (1) of section 9, or specifying the manner in which said income is to be determined, as is reasonably attributable to the operations carried out in India by or on behalf of that person, being a non-resident.

		(2) The manner of determination of the arm's length price referred to in clause (a) or the income referred to in clause (b) of sub- section (1), may include the methods referred to in sub-section (1) of section 92C or the methods provided by rules made under this Act, respectively, with such adjustments or variations, as may be necessary or expedient so to do.
		(3) Notwithstanding anything contained in section 92C or section 92CA or the methods provided by rules made under this Act, the arm's length price of any international transaction or the income referred to in clause (b) of sub-section (1), in respect of which the advance pricing agreement has been entered into, shall be determined in accordance with the advance pricing agreement so entered.";
(b)		for sub-section (9A), the following sub-section shall be substituted, namely:—
		"(9A) The agreement referred to in sub-section (1), may, subject to such conditions, procedure and manner as may be prescribed, provide for determining the—

(a)		arm's length price or specify the manner in which the arm's length price shall be determined in relation to the international transaction entered into by the person;
(b)		income referred to in clause (i) of sub-section (1) of section 9, or specifying the manner in which the said income is to be determined, as is reasonably attributable to the operations carried out in India by or on behalf of that person, being a non-resident,

during any period not exceeding four previous years preceding the first of the previous years referred to in sub-section (4), and the arm's length price of such international transaction or the income of such person shall be determined in accordance with the said agreement.".

Section 44, The Finance Act, 2020.