Clarifications on Declaration of Cyprus As A Notified Jurisdictional Area - Special Measures in Respect of Transactions With Persons Located in Notified Jurisdictional Area Under Section 94A of The Income Tax Act, 1961.

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.... 2011, in respect of transactions with persons located in notified jurisdictional area as an anti-avoidance measure. As per section 94A, the Central Government may, having regard to the lack of effective exchange of information with any country or territory outside India, specify the said country or territory as a notified jurisdictional area in relation to transactions entered into by any assesse....

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....ent, it has been decided to notify Cyprus as a notified jurisdictional area under section 94A of the Income-tax Act, 1961 through Notification No. 86/2013 dated 1st November, 2013 published in Official Gazette through SO 4625 GI/13. The implications of such a Notification are summarized as under: • If an assessee enters into a transaction with a person in Cyprus, then all the parti....