Income Tax Act, 1961
Section 92CD: Effect to advance pricing agreement.—(1) Notwithstanding anything to the contrary
92CD. Effect to advance pricing agreement.—(1) Notwithstanding anything to the contrary
contained in section 139, where any person has entered into an agreement and prior to the date of entering
into the agreement, any return of income has been furnished under the provisions of section 139 for any
assessment year relevant to a previous year to which such agreement applies, such person shall furnish,
within a period of three months from the end of the month in which the said agreement was entered into, a
modified return in accordance with and limited to the agreement.
(2) Save as otherwise provided in this section, all other provisions of this Act shall apply accordingly
as if the modified return is a return furnished under section 139.
(3) If the assessment or reassessment proceedings for an assessment year relevant to a previous year
to which the agreement applies have been completed before the expiry of period allowed for furnishing of
modified return under sub-section (1), the Assessing Officer shall, in a case where modified return is filed
in accordance with the provisions of sub-section (1), proceed to assess or reassess or recompute the total
income of the relevant assessment year having regard to and in accordance with the agreement.
(4) Where the assessment or reassessment proceedings for an assessment year relevant to the previous
year to which the agreement applies are pending on the date of filing of modified return in accordance
with the provisions of sub-section (1), the Assessing Officer shall proceed to complete the assessment or
reassessment proceedings in accordance with the agreement taking into consideration the modified return
so furnished.
(5) Notwithstanding anything contained in section 153 or section 153B or section 144C,—
(a) the order of assessment, reassessment or recomputation of total income under sub-section (3)
shall be passed within a period of one year from the end of the financial year in which the modified
return under sub-section (1) is furnished;
(b) the period of limitation as provided in section 153 or section 153B or section 144C for
completion of pending assessment or reassessment proceedings referred to in sub-section (4) shall be
extended by a period of twelve months.
(6) For the purposes of this section,—
(i) “agreement” means an agreement referred to in sub-section (1) of section 92CC;
(ii) the assessment or reassessment proceedings for an assessment year shall be deemed to have
been completed where—
(a) an assessment or reassessment order has been passed; or
Notwithstanding anything to the contrary
contained in section 139, where any person has entered into an agreement and prior to the date of entering
into the agreement, any return of income has been furnished under the provisions of section 139 for any
assessment year relevant to a previous year to which such agreement applies, such person shall furnish,
within a period of three months from the end of the month in which the said agreement was entered into, a
modified return in accordance with and limited to the agreement.
Save as otherwise provided in this section, all other provisions of this Act shall apply accordingly
as if the modified return is a return furnished under section 139.
If the assessment or reassessment proceedings for an assessment year relevant to a previous year
to which the agreement applies have been completed before the expiry of period allowed for furnishing of
modified return under sub-section
Where the assessment or reassessment proceedings for an assessment year relevant to the previous
year to which the agreement applies are pending on the date of filing of modified return in accordance
with the provisions of sub-section
Notwithstanding anything contained in section 153 or section 153B or section 144C,—
the order of assessment, reassessment or recomputation of total income under sub-section
shall be passed within a period of one year from the end of the financial year in which the modified
return under sub-section
is furnished;
the period of limitation as provided in section 153 or section 153B or section 144C for
completion of pending assessment or reassessment proceedings referred to in sub-section
shall be
extended by a period of twelve months.
For the purposes of this section,—
“agreement” means an agreement referred to in sub-section
of section 92CC;
the assessment or reassessment proceedings for an assessment year shall be deemed to have
been completed where—
an assessment or reassessment order has been passed; or