Search this Act

Jump directly to a section by number or title.

Section 167

Power of Board to make safe harbour rules

(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)
In 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.