Section 186 - Omitted - Income-tax Act, 1961

Omitted ************ by the Finance Act, 1992, w.e.f. 1-4-1993 Existing Sections 184, 185 and 186 were substituted with section 184 and 185 by the Finance Act, 1992, w.e.f. 1-4-1993 - thus section 186 were omitted. Before it was read as: Cancellation of registration. 186. (1) If, where a firm has been registered or is deemed to have been registered, or its registration has effect under sub-section (7) of section 184 for an assessment year, the Assess ing Officer is of opinion that there was during the previous year no genuine firm in existence as registered, he may, after giving the firm a reasonable opportunity of being heard [***] cancel the registration of the firm for that assessment year: Provided that no such cancellation shall be made after the expiry of eight years from the end of the assessment year in respect of which registration has been granted [or is deemed to have been granted] or has effect: [ Provided further that the Assessing Officer shall not cancel the registration granted under sub-section (1) of section 185 except with the previous approval of the Deputy Commissioner.] (2) If, where a firm has been registered [or is deemed, to have been registered] or its registration has effect under sub-section (7) of section 184 for any assessment year, there is, on the part of the firm, any such failure in respect of the assessment year as is mentioned in section 144, the [Assessing] Officer may cancel the registration of the firm for the assessment year, after giving the firm not less than fourteen days notice inti mating his intention to cancel its registration and after giving it a reasonable opportunity of being heard. (3) Where the registration of a firm is cancelled for any assess ment year, the [Assessing] Officer shall amend the assessments of the firm and its partners for that assessment year on the footing that the firm is an unregistered firm. (4) The provisions of section 154 shall, so far as may be, apply to the amendments of the assessments of the firm and its partners under sub-section (3) of this section, the period of four years specified in sub-section (7) of that section being reckoned from [the end of the financial year in which the order cancelling the registration was passed.]]