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of <h1>Revisions to Advance Pricing Agreements Allowed Under Rule 10Q for Critical Changes, Legal Modifications, or Foreign Authority Requests.</h1> Rule 10Q of the Income-tax Rules, 1962, allows for the revision of an Advance Pricing Agreement (APA) by the Board under certain conditions. Revisions may occur if there are changes in critical assumptions, legal modifications affecting the agreement, or requests from foreign authorities in bilateral or multilateral agreements. The Board can initiate revisions or respond to requests from the assessee or relevant authorities. The assessee must be given a hearing opportunity unless they request the revision. If the assessee disagrees with the revision, the agreement may be canceled under Rule 10R. The Board must justify any rejection of revision requests. The revised agreement will specify applicable dates.
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