Amendment of section 92CC.

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....ntral Government, may enter into an advance pricing agreement with any person, determining the-- (a) arm's length price or specifying the manner in which the arm's length price is to be determined, in relation to an international transaction to be entered into by that person; (b) income referred to in clause (i) of sub-section (1) of section 9, or specifying the manner ....

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.... sub-section (1), in respect of which the advance pricing agreement has been entered into, shall be determined in accordance with the advance pricing agreement so entered."; (b) for sub-section (9A), the following sub-section shall be substituted, namely:-- "(9A) The agreement referred to in sub-section (1), may, subject to such conditions, procedure and manner as ....

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.... agreement.". - Clause 44 of the Bill seeks to amend section 92CC of the Income-tax Act relating to advance pricing agreement. It is proposed to substitute sub-section (1) of the said section so as to provide that the Board, with the approval of the Central Government, may enter into an advance pricing agreement with any person, determining the-- (a) arm's length price or spec....

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....s Act with such adjustments or variations, as may be necessary or expedient so to do. It is also proposed to substitute sub-section (3) of the said section so as to provide that notwithstanding anything contained in section 92C or section 92CA or such methods provided by rules made under this Act, the arm's length price of any international transaction or the income referred to in clause (b....