With reference to Transfer pricing, discuss under what circumstances, secondary adjustments are applicable under section 92CE of the Income Tax Act, 1961.

Secondary Adjustment will be applicable in the following situations where primary adjustment to transfer price: has been made suo moto by the assessee in his return of income. made by the Assessing Officer has been accepted by the assessee. is determined by the advance pricing agreement entered into by the assessee under section 92CC is made as per the safe harbor rules framed under section 92CB is arising as a result of resolution of an assessment by way of mutual agreement procedure under DTAA entered into under section 90/90A. Note: Secondary adjustments are required only in situations where effect of adopting Arm's Length Price (Primary adjustment) is increase in total income of Indian entity by amount exceeding ₹ 1 crore.