Section 167 — Power of Board to make safe harbour rules

Old Act equivalent: Section 73 of IT Act 1961 Sub-part: Set Off and Carry Forward of Losses

Statutory Text

(1) The determination of— ( a) income referred to in section 9(2); or ( b) arm’s length price under section 165 or 166, shall be subject to safe harbour rules. (2) For the purposes of sub-section (1), the Board may make rules for safe harbour. (3) For the purposes of this section, “safe harbour” means circumstances in which the income-tax authorities shall accept,— ( a) the transfer price; or ( b) the income, deemed to accrue or arise under section 9(2), declared by the assessee. Advance pricing agreement.

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To be updated.