Procedure governing safe harbour rules for specified domestic transactions

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....er on or before the due date specified in section 263(1)(c) for furnishing the return of income for the relevant tax year; and (b) the return of income for the relevant tax year is to be furnished by the assessee on or before the date of furnishing of Form No. 49. (2) On receipt of Form No. 49, the Assessing Officer shall verify whether- (a) the assessee exercising the option ....

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....ee; or (c) the Assessing Officer finds that the specified domestic transaction in respect of which the option referred to under sub-rule (1) has been exercised is not an eligible specified domestic transaction; or (d) the tariff is not in accordance with the circumstances specified under rule 97, the Assessing Officer shall, by order in writing, declare the option exercised by....

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.... the option exercised by the assessee and cause a copy of the said order to be served on the assessee and the Assessing Officer. (7) For the purposes of this rule, - (a) no order under sub-rule (4) shall be made by an Assessing Officer after expiry of a period of three months from the end of the month in which Form No. 49 is received by him; and (b) the order under sub-rule (6....