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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2020 amends Section 92CB to align income determination with safe harbour rules for transfer pricing.</h1> Section 92CB of the Income-tax Act has been amended by the Finance Act, 2020. The amendment replaces sub-section (1) to specify that the determination of income under section 9(1)(i) or the arm's length price under sections 92C or 92CA will be subject to safe harbour rules. Additionally, in sub-section (2), the explanation is revised to replace 'the transfer price declared by the assessee' with 'the transfer price or income, deemed to accrue or arise under clause (i) of sub-section (1) of section 9, as the case may be, declared by the assessee.'
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