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This notification, issued u/s 92C(2) of the Income Tax Act 1961, specifies the tolerance range for variation between the arm's length price determined u/s 92C and the actual transaction price for the assessment year 2024-2025. The tolerance range is one percent for wholesale trading transactions and three percent for all other cases. Wholesale trading is defined as transactions where the purchase cost of finished goods is at least 80% of the total cost, and the average monthly closing inventory is not more than 10% of sales. If the variation falls within the specified range, the actual transaction price shall be deemed as the arm's length price.
This notification, issued u/s 92C(2) of the Income Tax Act 1961, specifies the tolerance range for variation between the arm's length price determined u/s 92C and the actual transaction price for the assessment year 2024-2025. The tolerance range is one percent for wholesale trading transactions and three percent for all other cases. Wholesale trading is defined as transactions where the purchase cost of finished goods is at least 80% of the total cost, and the average monthly closing inventory is not more than 10% of sales. If the variation falls within the specified range, the actual transaction price shall be deemed as the arm's length price.
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