Rule 10L — the law in short
What the courts have decided on section Rule 10L, in one screen. Read this first; open an entry when you need the facts, the reasoning and the source.
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Rule 10Q and Rule 10R — revision and cancellation of an APA
CBDT Circulars & InstructionsCuts both ways
The Board wants to revise, or to cancel, my advance pricing agreement. On what grounds can it, and what am I entitled to before it does?
Rule 10Q allows the Board to revise a concluded agreement on three grounds — a change in critical assumptions or failure to meet a condition, a change in law that modifies a matter covered by the agreement without making it non-binding, and a request from the competent authority of the other country in a bilateral or multilateral case. Except where the assessee himself asked for the revision, the agreement cannot be revised unless he has been heard and is in agreement with the proposed revision; if he is not, Rule 10Q(4) sends the matter to cancellation under Rule 10R. Rule 10R lists four cancellation grounds, requires an opportunity of being heard, and requires a written order giving reasons and specifying the date from which the cancellation takes effect.
Listed strongest first: Supreme Court, then High Court, then Tribunal, then CBDT. Nothing here has yet been read in full by a chartered accountant — open an entry to see where it came from.
