Power of Board to make safe harbour rules

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.

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

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.