Advance pricing agreement compliance governs modified returns, assessment adjustments, and extended limitation for covered tax years. Advance pricing agreements modifying income require a return or modified return to be furnished in accordance with and limited to the agreement within three months from the end of the month in which the agreement is entered into. The modified return applies only to the tax years covered by the agreement and is treated as a return under the general return provision, subject to the remaining provisions of the Act as applicable. Where assessment or reassessment proceedings for a covered tax year were already initiated, the Assessing Officer must modify the total income or complete pending proceedings in accordance with the agreement after considering the modified return.
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Provisions expressly mentioned in the judgment/order text.
Advance pricing agreement compliance governs modified returns, assessment adjustments, and extended limitation for covered tax years.
Advance pricing agreements modifying income require a return or modified return to be furnished in accordance with and limited to the agreement within three months from the end of the month in which the agreement is entered into. The modified return applies only to the tax years covered by the agreement and is treated as a return under the general return provision, subject to the remaining provisions of the Act as applicable. Where assessment or reassessment proceedings for a covered tax year were already initiated, the Assessing Officer must modify the total income or complete pending proceedings in accordance with the agreement after considering the modified return.
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