Modified return under Advance Pricing Agreement requires filing and assessment adjustments within prescribed timelines. Section 92CD mandates that taxpayers who furnished a return under section 139 for an assessment year covered by an APA must file a modified return within three months from the end of the month in which the APA was entered into, limited to and in accordance with the APA. The Assessing Officer must reassess or recompute income in completed assessments if the modified return is filed, and must complete pending proceedings taking the modified return into account; orders under section 92CD(3) must be passed within one year from the end of the financial year in which the modified return is furnished, and limitation periods for pending assessments are extended by 12 months.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Modified return under Advance Pricing Agreement requires filing and assessment adjustments within prescribed timelines.
Section 92CD mandates that taxpayers who furnished a return under section 139 for an assessment year covered by an APA must file a modified return within three months from the end of the month in which the APA was entered into, limited to and in accordance with the APA. The Assessing Officer must reassess or recompute income in completed assessments if the modified return is filed, and must complete pending proceedings taking the modified return into account; orders under section 92CD(3) must be passed within one year from the end of the financial year in which the modified return is furnished, and limitation periods for pending assessments are extended by 12 months.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
