(2)Irrespective of anything contrary in this Act, if an assessee enters into a transaction where one of the parties to the transaction is a person located in a notified jurisdictional area, then,—(a)all the parties to the transaction shall be deemed to be associated enterprises within the meaning of section 162;(b)any transaction of the nature described in sections 163(1) and (2) shall be deemed to be an international transaction within the meaning of section 163,and the provisions of sections 161, 162, 163, 165 (except the benefit of variation specified in sections 165(3)(a)(ii)), 166, 167, 171, 172 and 173 shall apply accordingly.
