All HC: Municipal Corp. to Ensure Availability of Clean Drinking Water to Residents of Lucknow  ||  Bom. HC: Bail Granted to Accused Who Wasn’t Produced Before Court on Seventy Previous Dates  ||  Delhi HC Seeks Explan. from Legal Services Committee on Failure to Assist Litigant Despite Requests  ||  Hemant Soren, Former CM of Jharkhand Moves SC After HC Dismissed Challenge to His Arrest by ED  ||  CESTAT: No Provision in Cenvat Credit Rules to Allow Cash Refund of Cess in Cenvat Credit Balance  ||  Delhi High Court: Parents to Bear Cost of Air Conditioning Services in Schools  ||  Ker. HC: Declining a Rape Victim to Terminate Pregnancy Violates Right to Live With Dignity  ||  SC: Can’t Apply Section 498A IPC Mechanically in All Cases of Ill-Treatment by Husband  ||  SC: To Summon Person u/s 319 CrPC as Additional Accused, Stronger Evidence is Needed  ||  SC: Trial Judges Should Take Participatory Role in Trial & Not Act as Mere Tape Recorders    

Deemed Arm's length price for assessment year 2023-2024- (Ministry of Finance ) (26 Jun 2023)

MANU/CBDT/0050/2023

Direct Taxation

In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961)(hereafter referred to as the said Act) read with proviso to sub-rule (7) of rule 10CA of the Income-tax Rules, 1962, the Central Government hereby notifies that where the variation between the arm's length price determined under section 92C of the said Act and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent. of the latter in respect of wholesale trading and three per cent. of the latter in all other cases, the price at which the international transaction or specified domestic transaction has actually been undertaken shall be deemed to be the arm's length price for assessment year 2023-2024.

Explanation.- For the purposes of this notification, "wholesale trading" means an international transaction or specified domestic transaction of trading in goods, which fulfils the following conditions, namely:-

(i) purchase cost of finished goods is eighty per cent. or more of the total cost pertaining to such trading activities; and

(ii) average monthly closing inventory of such goods is ten per cent. or less of sales pertaining to such trading activities.

Tags : ARM'S LENGTH PRICE   ASSESSMENT YEAR  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved