Recently, CBDT has issued a notification dated 14th March, 2015 i.e. Income Tax 3rd Amendment Rules, 2015. This notification takes place for change in Rule 10F, 10H, 10I, 10K, 10M and 10Ma of section 92CC of "Roll Back of the Agreement" and “Procedure for giving effect to rollback provision of an Agreement" with Application for rollback of an Advance Pricing Agreement in Form No. 3 CEDA. The details of this notification is as under:
In the Income-tax Rules, 1962 (hereafter referred to as the principal rules), -
(a) in rule 10 F,-
(i) after clause (b), the following clause shall be inserted, namely :-
“(ba) “applicant” means a person who has made an application;”;
(ii) after clause (h), the following clause shall be inserted, namely :-
“(ha) “rollback year” means any previous year, falling within the period not exceeding four previous years, preceding the first of the previous years referred to in sub-section (4) of section 92CC;”;
(b) in rule10 H, in sub-rule (1),-
(i) for the word “Every” the word “Any” shall be substituted;
(ii) for the word “shall” the word “may” shall be substituted;
(c) in rule 10 I, for the words, figures and letter “who has entered into a prefiling consultation as referred to in rule 10H”, the words, figures and letter “referred to in rule 10 G” shall be substituted;
(d) in rule 10 K, in sub-rule (2) after the words “with understanding reached in”, the word “any” shall be inserted;
(e) in rule 10 M, in sub-rule (1), after clause (v), the following clause shall be inserted, namely:-
“(va) rollback provision referred to in rule 10 MA;”;
(f) after rule 10 M, the following rule shall be inserted, namely:-
Roll Back of the Agreement.
Procedure for giving effect to rollback provision of an Agreement.
Application for rollback of an Advance Pricing Agreement
