Clause 41

Section 93A of the principal Act is amended by inserting, immediately after subsection (1), the following subsections:“(1A) An application by a person on the basis of an error or a mistake, for the year of assessment 2019 or any subsequent year of assessment, in the amount of any income, expense, outgoing or loss in connection with any transaction between the person and a related party (within the meaning of section 13(16)) of the person, must be supported by transfer pricing documentation for that transaction that satisfies section 34F(5).(1B) To avoid doubt, subsection (1A) applies whether or not the person is a company, firm, partner of a partnership or trustee of a trust to which section 34F applies.”.