92F Definitions of certain terms relevant to computation of arm's length price, etc In sections 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, trade-marks, 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 enterprise has exclusive rights, or the provision of services of any kind, 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;
(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;
(iv) "specified date" means the date one month prior to the due date for furnishing the return of income under sub-section (1) of section 139 for the relevant assessment year;
(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. 243 244 245 246 247 248 249 250 251 4576 4577 4578 4579 4580 4581 243 Ins. by Act 49 of 1991, s. 4 (w.e.f. 1-4-1991). 244 Subs. by s. 4, ibid., for “foregoing proviso” (w.e.f. 1-4-1991). 245 Subs. by Act 4 of 1988, s. 2, for “Income-tax Officer” (w.e.f. 1-4-1988). 246 Ins. by Act 14 of 2001, s. 4 (w.e.f. 1-4-2002). 247 Subs. by Act 10 of 2000, s. 4, for
Explanation 3 (w.e.f. 1-4-2001). 248 Ins. by Act 23 of 2012, s. 4 (w.e.f. 1-6-1976). 249 The proviso ins. by Act 29 of 1977, s. 4 (w.e.f. 1-4-1977). 250
Explanation ins. by s. 4, ibid. (w.e.f. 1-4-1977). 251
Explanation renumbered as
Explanation 2 thereof by s. 4, ibid. (w.e.f. 1-4-1977). 4576 Subs. by s. 55, ibid., for “sub-section (2)” (w.r.e.f. 1-4-2017). 4577 Subs. by Act 5 of 1964, s. 45, for section 287 (w.e.f. 1-4-1964). 4578 Ins. by Act 41 of 1975, s. 77 (w.e.f. 1-10-1975). 4579 Subs. by s. 77, ibid., for sub-section (2) (w.e.f. 1-10-1975). 4580 The words and brackets “Deputy Commissioner (Appeals) or the” omitted by Act 21 of 1998, s. 65 (w.e.f. 1-10-1998). Which was substituted as “Deputy Commissioner (Appeals)” for “Appellate Assistant Commissioner” by Act 4 of 1988, s. 2 (w.e.f. 1-4-1988) and the words and brackets “or the commissioner (Appeals)” were inserted after “Appellate Assistant Commissioner” by Act 22 of 1977, s. 39 and the Fifth Schedule (w.e.f. 1-4-1977). 4581 Ins. by Act 45 of 1972, s. 6 (w.e.f. 1-1-1973).