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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clause 118 of Direct Taxes Code Allows Advance Pricing Agreements for International Transactions, Valid for Five Years</h1> Clause 118 of the Direct Taxes Code, 2010, authorizes the Board, with Central Government approval, to enter into advance pricing agreements (APAs) with individuals to determine the arm's length price for international transactions. The method for determining this price can include prescribed methods with necessary adjustments. APAs are valid for up to five consecutive financial years and are binding only on the involved parties and relevant tax authorities. They become void if obtained through fraud or if the Code is amended. The Board can declare an agreement void ab initio if obtained by fraud or misrepresentation. A Scheme for APAs may be framed by notification.
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