Section 92D. Maintenance and keeping of information and document by persons entering into an

92D. Maintenance and keeping of information and document by persons entering into an 1[ international transaction or specified domestic transaction]. —(1) Every person who has entered into an[1] [international transaction or specified domestic transaction] shall keep and maintain such information and document in respect thereof, as may be prescribed. 2[Provided thatthe person, being a constituent entity of an international group, shall also keep and maintain such information and document in respect of an international group as may be prescribed. Explanation .—For the purposes of this section,— (A) "constituent entity" shall have the meaning assigned to it in clause (d) of sub-section (9) of section 286; (B) "international group" shall have the meaning assigned to it in clause (g) of sub-section (9) of section 286.] (2) Without prejudice to the provisions contained in sub-section (1), the Board may prescribe the period for which the information and document shall be kept and maintained under that sub-section. (3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person who has entered into an[1] [international transaction or specified domestic transaction] to furnish any information or document in respect thereof, as may be prescribed under subsection (1), within a period of thirty days from the date of receipt of a notice issued in this regard: Provided that the Assessing Officer or the Commissioner (Appeals) may, on an application made by such person, extend the period of thirty days by a further period not exceeding thirty days. 2[(4) Withoutprejudice to the provisions of sub-section (3), the person referred to in the proviso to sub-section (1) shall furnish the information and document referred to in the said proviso to the authority prescribed under sub-section (1) of section 286, in such manner, on or before the date, as may be prescribed.] 92E.Report from an accountant to be furnished by persons entering into[1] [international transaction or specified domestic transaction]. —Every person who has entered into an[1] [internationaltransaction or specified domestic transaction] during a previous year shall obtain a report from an accountant and furnish such report on or before the specified date in the prescribed form duly signed and verified in the prescribed manner by such accountant and setting forth such particulars as may be prescribed. 92F.Definitions of certain terms relevant to computation of arm's length price, etc. —In section 92, 92A, 92B, 92C, 92D and 92E, unless the context otherwise requires,— (i) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288; (ii) "arm's length price" means a price which is applied or proposed to be applied in a transaction between persons other than associated enterprises, in uncontrolled conditions; (iii) "enterprise" means a person (including a permanent establishment of such person) who is, or has been, or is proposed to be, engaged in any activity, relating to the production, storage, supply, distribution, acquisition or control of articles or goods, or know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature, or any data, documentation, drawing or specification relating to any patent, invention, model, design, secret formula or process, of which the other enterprise is the owner or in respect of which the other 1. Subs. by Act 23 of 2012, s. 38, for "international transaction" (w.e.f. 1-3-2013). 2. Ins. by Act 28 of 2016, s. 48 (w.e.f. 1-4-2017). enterprise has exclusive rights, or the provision of services of any kind,[1] [or in carrying out any work in pursuance of a contract,] or in investment, or providing loan or in the business of acquiring, holding, underwriting or dealing with shares, debentures or other securities of any other body corporate, whether such activity or business is carried on, directly or through one or more of its units or divisions or subsidiaries, or whether such unit or division or subsidiary is located at the same place where the enterprise is located or at a different place or places; 1[(iiia) "permanent establishment", referred to in clause (iii), includes a fixed place of business through which the business of the enterprise is wholly or partly carried on;] 2[(iv) "specified date" shall have the same meaning as assigned to "due date" in Explanation 2 below sub-section (1) of section 139; (v) "transaction" includes an arrangement, understanding or action in concert,— (A) whether or not such arrangement, understanding or action is formal or in writing; or (B) whether or not such arrangement, understanding or action is intended to be enforceable by legal proceeding.] — 93. Avoidance of income-tax by transactions resulting in transfer of income to non-residents. (1) Where there is a transfer of assets by virtue or in consequence whereof, either alone or in conjunction with associated operations, any income becomes payable to a non-resident, the following provisions shall apply— (a) where any person has, by means of any such transfer, either alone or in conjunction with associated operations, acquired any rights by virtue of which he has, within the meaning of this section, power to enjoy, whether forthwith or in the future, any income of a non-resident person which, if it were income of the first-mentioned person, would be chargeable to income-tax, that income shall, whether it would or would not have been chargeable to income-tax apart from the provisions of this section, be deemed to be income of the first-mentioned person for all the purposes of this Act; (b) where, whether before or after any such transfer, any such first-mentioned person receives or is entitled to receive any capital sum the payment whereof is in any way connected with the transfer or any associated operations, then any income which, by virtue or in consequence of the transfer, either alone or in conjunction with associated operations, has become the income of a non-resident shall, whether it would or would not have been chargeable to income-tax apart from the provisions of this section, be deemed to be the income of the first-mentioned person for all the purposes of this Act. Explanation .—The provisions of this sub-section shall apply also in relation to transfers of assets and associated operations carried out before the commencement of this Act. (2) Where any person has been charged to income-tax on any income deemed to be his under the provisions of this section and that income is subsequently received by him, whether as income or in any other form, it shall not again be deemed to form part of his income for the purposes of this Act. (3) The provisions of this section shall not apply if the first-mentioned person in sub-section (1) shows to the satisfaction of the[3] [Assessing Officer] that— (a) neither the transfer nor any associated operation had for its purpose or for one of its purposes the avoidance of liability to taxation; or (b) the transfer and all associated operations were bona fide commercial transactions and were not designed for the purpose of avoiding liability to taxation. 1. Ins. by Act 20 of 2002, s. 43 (w.e.f. 1-4-2002). 2. Subs. by s. 43, ibid., for clause (iv) (w.e.f. 1-4-2002). 3. Subs. by Act 4 of 1988, s. 2, for "Income-tax Officer" (w.e.f. 1-4-1988). Explanation .—For the purposes of this section,— (a) references to assets representing any assets, income or accumulations of income include references to shares in or obligation of any company to which, or obligation of any other person to whom, those assets, that income or those accumulations are or have been transferred; (b) any body corporate incorporated outside India shall be treated as if it were a non-resident; (c) a person shall be deemed to have power to enjoy the income of a non-resident if— (i) the income is in fact so dealt with by any person as to be calculated at some point of time and, whether in the form of income or not, to ensure for the benefit of the first-mentioned person in sub-section (1), or (ii) the receipt or accrual of the income operates to increase the value to such first-mentioned person of any assets held by him or for his benefit, or (iii) such first-mentioned person receives or is entitled to receive at any time any benefit provided or to be provided out of that income or out of moneys which are or will be available for the purpose by reason of the effect or successive effects of the associated operations on that income and assets which represent that income, or (iv) such first-mentioned person has power by means of the exercise of any power of appointment or power of revocation or otherwise to obtain for himself, whether with or without the consent of any other person, the beneficial enjoyment of the income, or (v) such first-mentioned person is able, in any manner whatsoever and whether directly or indirectly, to control the application of the income; (d) in determining whether a person has power to enjoy income, regard shall be had to the substantial result and effect of the transfer and any associated operations, and all benefits which may at any time accrue to such person as a result of the transfer and any associated operations shall be taken into account irrespective of the nature or form of the benefits. (4) (a) "Assets" includes property or rights of any kind and "transfer" in relation to rights includes the creation of those rights; (b) "associated operation", in relation to any transfer, means an operation of any kind effected by any person in relation to— (i) any of the assets transferred, or (ii) any assets representing, whether directly or indirectly, any of the assets transferred, or (iii) the income arising from any such assets, or (iv) any assets representing, whether directly or indirectly, the accumulations of income arising from any such assets; (c) "benefit" includes a payment of any kind; (d) "capital sum" means— (i) any sum paid or payable by way of a loan or repayment of a loan; and (ii) any other sum paid or payable otherwise than as income, being a sum which is not paid or payable for full consideration in money or money's worth.