Amendment of section 92CC

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....b-section (1), may, subject to such conditions, procedure and manner as may be prescribed, provide for determining the arm's length price or specify the manner in which arm's length price shall be determined in relation to the international transaction entered into by the person during any period not exceeding four previous years preceding the first of the previous years referred to in sub-section....

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....nce pricing agreement is entered into, the arm's length price of the international transaction, which is the subject matter of the same, is determined in accordance with such agreement. Sub-section (9) of the said section empowers the Board to prescribe the scheme specifying therein the manner, form, procedure and any other matter generally in respect of advance pricing agreement.   &....