Section 77 - Amendment of section 155. - Finance Act, 2023

Amendment of section 155. 77 . In section 155 of the Income-tax Act, (a) in sub-section (11A), after the words, figures and letter section 10A or at both the places where they occur, the words, figures and letters section 10AA or shall be inserted with effect from the 1st day of April, 2024; (b) after sub-section (18), the following sub-section shall be inserted, namely: (19) Where any deduction in respect of any expenditure incurred for the purchase of sugarcane has been claimed by an assessee, being a co-operative society engaged in the business of manufacture of sugar, and such deduction has been disallowed wholly or partly in any previous year commencing on or before the 1st day of April, 2014, the Assessing Officer shall, on the basis of an application made by such assessee in this regard, recompute the total income of the assessee for such previous year after allowing deduction to the extent such expenditure is incurred at a price which is equal to or less than the price fixed or approved by the Government for that previous year, and the provisions of section 154 shall, so far as may be, apply thereto, and the period of four years specified in sub-section (7) of that section shall be reckoned from the end of previous year commencing on the 1st day of April, 2022. ; (c) after sub-section (19) and before the Explanation, the following sub-section shall be inserted with effect from the 1st day of October, 2023, namely: (20) Where any income has been included in the return of income furnished by an assessee under section 139 for any assessment year (herein referred to as the relevant assessment year) and tax on such income has been deducted at source and paid to the credit of the Central Government in accordance with the provisions of Chapter XVII-B in a subsequent financial year, the Assessing Officer shall, on an application made by the assessee in such form, as may be prescribed, within a period of two years from the end of the financial year in which such tax was deducted at source, amend the order of assessment or any intimation allowing credit of such tax deducted at source in the relevant assessment year, and the provisions of section 154 shall, so far as may be, apply thereto and the period of four years specified in sub-section (7) of that section shall be reckoned from the end of the financial year in which such tax has been deducted: Provided that the credit of such tax deducted at source shall not be allowed in any other assessment year. .