Income Tax Section - 92CB, Income Tax Act, 1961-2020

 Income Tax

Section - 92CB, Income Tax Act, 1961-2020

Power of Board to make safe harbour rules.

92CB. ⁵⁰[(1) The determination of—

 (a) income referred to in clause (i) of sub-section (1) of section 9; or

 (b) arm's length price under section 92C or section 92CA,

shall be subject to safe harbour rules.]

(2) The Board may, for the purposes of sub-section (1), make rules for safe harbour.

Explanation.—For the purposes of this section, "safe harbour" means circumstances in which the income-tax authorities shall accept ⁵¹[the transfer price or income, deemed to accrue or arise under clause (i) of sub-section (1) of section 9, as the case may be, declared by the assessee.]