Income Tax Act, 2025
Section 8: Ins. by Act 23 of 2012, s. 37 (w.e.f. 12012).
8. Ins. by Act 23 of 2012, s. 37 (w.e.f. 12012).
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(b) any information and document relating to an 1[internationaltransaction or specified domestic
transaction] have not been kept and maintained by the assessee in accordance with the provisions
contained in sub-section (1) of section 92D and the rules made in this behalf; or
(c) the information or data used in computation of the arm's length price is not reliable or correct;
or
(d) the assessee has failed to furnish, within the specified time, any information or document
which he was required to furnish by a notice issued under sub-section (3) of section 92D,
the Assessing Officer may proceed to determine the arm's length price in relation to the said
1[internationaltransaction or specified domestic transaction] in accordance with sub-sections (1) and (2),
on the basis of such material or information or document available with him:
Provided that an opportunity shall be given by the Assessing Officer by serving a notice calling upon
the assessee to show cause, on a date and time to be specified in the notice, why the arm's length price
should not be so determined on the basis of material or information or document in the possession of the
Assessing Officer.
(4) Where an arm’s length price is determined by the Assessing Officer under sub-section (3), the
Assessing Officer may compute the total income of the assessee having regard to the arm's length price so
determined:
Provided that no deduction under section 10A or 2[section 10AA] or section 10B or under
Chapter VI-A shall be allowed in respect of the amount of income by which the total income of the
assessee is enhanced after computation of income under this sub-section:
Provided further that where the total income of an associated enterprise is computed under this
sub-section on determination of the arm’s length price paid to another associated enterprise from which
tax has been deducted 3[or was deductible] under the provisions of Chapter XVIIB, the income of the
other associated enterprise shall not be recomputed by reason of such determination of arm's length price
in the case of the first mentioned enterprise.
4[92CA.Reference to Transfer Pricing Officer.—(1) Where any person, being the assessee, has
entered into an 1[international transaction or specified domestic] transaction in any previous year, and the
Assessing Officer considers it necessary or expedient so to do, he may, with the previous approval of
the 5[Principal Commissioner or Commissioner], refer the computation of the arm’s length price in
relation to the said 1[international transaction or specified domestic] transaction under section 92C to the
Transfer Pricing Officer.
(2) Where a reference is made under sub-section (1), the Transfer Pricing Officer shall serve a notice
on the assessee requiring him to produce or cause to be produced on a date to be specified therein, any
evidence on which the assessee may rely in support of the computation made by him of the arm’s length
price in relation to the 1[international transaction or specified domestic] transaction referred to in subsection (1).
6[(2A) Where any other international transaction [other than an international transaction referred
under sub-section (1),] comes to the notice of the Transfer Pricing Officer during the course of the
proceedings before him, the provisions of this Chapter shall apply as if such other international
transaction is an international transaction referred to him under sub-section (1).]
7[(2B) Where in respect of an international transaction, the assessee has not furnished the report
under section 92E and such transaction comes to the notice of the Transfer Pricing Officer during the
course of the proceeding before him, the provisions of this Chapter shall apply as if such transaction is an
international transaction referred to him under sub-section (1).]
any information and document relating to an 1[internationaltransaction or specified domestic
transaction] have not been kept and maintained by the assessee in accordance with the provisions
contained in sub-section
of section 92D and the rules made in this behalf; or
the information or data used in computation of the arm's length price is not reliable or correct;
or
the assessee has failed to furnish, within the specified time, any information or document
which he was required to furnish by a notice issued under sub-section
of section 92D,
the Assessing Officer may proceed to determine the arm's length price in relation to the said
1[internationaltransaction or specified domestic transaction] in accordance with sub-sections
and
Where an arm’s length price is determined by the Assessing Officer under sub-section
Where any person, being the assessee, has
entered into an 1[international transaction or specified domestic] transaction in any previous year, and the
Assessing Officer considers it necessary or expedient so to do, he may, with the previous approval of
the 5[Principal Commissioner or Commissioner], refer the computation of the arm’s length price in
relation to the said 1[international transaction or specified domestic] transaction under section 92C to the
Transfer Pricing Officer.
Where a reference is made under sub-section
Where any other international transaction [other than an international transaction referred
under sub-section
Where in respect of an international transaction, the assessee has not furnished the report
under section 92E and such transaction comes to the notice of the Transfer Pricing Officer during the
course of the proceeding before him, the provisions of this Chapter shall apply as if such transaction is an
international transaction referred to him under sub-section