Section 172 — Report from an accountant to be furnished by persons entering into inter-

national transaction or specified domestic transaction

Old Act equivalent: Section 79 of IT Act 1961 Sub-part: Set Off and Carry Forward of Losses

Statutory Text

Every person who has entered into an international transaction or
specified domestic transaction during a tax year shall obtain a report from an accountant and furnish such report on or before the specified date in the pre - scribed form duly signed and verified in the manner as may be prescribed by such accountant and setting forth such particulars as may be prescribed. Definitions of certain terms relevant to determination of arm’s length price, etc.

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To be updated.