Section 29 - Amendment of section 141A - Taxation Laws (Amendment) Act, 1970

29. Amendment of section 141A. In section 141A of the Income-tax Act,- (a) in sub-section (1), for the words on the basis or such return, accounts and documents , the following shall be substituted, namely:- after making such adjustments to the income or loss declared in the return as are required to be made under sub-section (2) with reference to such return, accounts and documents, and for the purposes of the adjustments referred to in clause (iv) of sub-section (2), also with reference to the record of the assessments, if any, of past years: Provided that in a case where the regular assessment is not made within six months from the date of receipt of the return, the Income-tax Officer shall proceed to make the provisional assessment under this section. ; (b) for sub-section (2), the following sub-section shall be substituted, namely:- (2) In making any assessment under this section, the Income-tax Officer shall make the following adjustments to the in- come or loss declared in the return, that is to say, he shall- (i) rectify any arithmetical errors in the return, accounts and documents referred to in sub-section (1); (ii) allow any deduction, allowance or relief which, on the basis of the information available in such return, accounts and documents, is, prima facie, admissible, but is not claimed in the return; (iii) disallow any deduction, allowance or relief claimed in the return which, on the basis of the information available in such return, accounts and documents, is, prima facie, inadmissible; (iv) give due effect to the allowance referred to in sub-section (2) of section 32, the deduction referred to in clause (ii) of sub-section (2) of section 33 or clause (ii) of sub- section (2) of section 33A or clause (i) of sub-section (2) of section 35 or sub-section (1) of section 35A or sub- section (1) of section 35D or sub-section (1) of section 35E or the first proviso to clause (ix) of sub-section (1) of section 36, any loss carried forward under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) of section 74 and the deficiency referred to in sub-section (3) of section 80J, as computed, in each case, in the regular assessment, if any, for the earlier assessment year or years. .