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TMI BlogOther amendmentsX X X X Extracts X X X X X X X X Extracts X X X X ..... end of the financial year in which the final order was passed] in the case of the firm. 6 [(1A) Where in respect of any completed assessment of a firm it is found- ( a ) on the assessment or reassessment of the firm, or ( b ) on any reduction or enhancement made in the income of the firm under this section, section 154, section 250, section 254, section 260, section 262, section 263 or section 264, 7 [or] ( c ) on any order passed under sub-section (4) of section 245D on the application made by the firm, that any remuneration to any partner is not deductible under clause ( b ) of section 40, the Assessing Officer may amend the order of assessment of the partner with a view to adjusting the income of the partner to the extent of the amount not so deductible ; and the provisions of section 154 shall, so far as may be, apply thereto, 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 final order was passed in the case of the firm.] (2) Where in respect of any completed assessment of a member of an association of persons or of a body of individuals it is found- ( a ) on the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... machinery or plant is sold or otherwise transferred by the assessee to any person other than the Government, a local authority, a corporation established by a Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956), or in connection with any amalgamation or succession referred to in sub-section (6) or sub-section (7) of section 32A ; or ( b ) at any time before the expiry of ten years from the end of the previous year in which the ship or aircraft was acquired or the machinery or plant was installed, the assessee does not utilise the amount credited to the reserve account under sub-section (4) of section 32A for the purposes of acquiring a new ship or a new aircraft or new machinery or plant (other than machinery or plant of the nature referred to in clauses ( a ), ( b ) and ( d ) of the 18 [second] proviso to sub-section (1) of section 32A) for the purposes of the business of the undertaking ; or ( c ) at any time before the expiry of ten years referred to in clause ( b ) the assessee utilises the amount credited to the reserve account under sub-section (4) of section 32A- ( i ) for distribution by way o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or profits ; or ( b ) for remittance outside India as profits or for the creation of any asset outside India ; or ( c ) for any other purpose which is not a purpose of the business of the undertaking, the development rebate originally allowed shall be deemed to have been wrongly allowed, and the 21 [Assessing] Officer may, notwithstanding anything contained in this Act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the previous year in which the sale or transfer took place or the money was so utilised. 22 [(5A) Where an allowance by way of development allowance has been made wholly or partly to an assessee in respect of the cost of planting in any area in any assessment year under section 33A and subsequently- ( i ) at any time before the expiry of eight years from the end of the previous year in which such allowance was made, the land is sold or otherwise transferred by the assessee to any person other than the Government, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... previous year in which the period allowed for the completion of the programme by the prescribed authority expired.] (6) 27 [ Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992 . ] (7) Where as a result of any proceeding under this Act, in the assessment for any year of a company in whose case an order under section 104 has been made for that year, it is necessary to recompute the distributable income of that company, the 28 [Assessing] Officer may proceed to recompute the distributable income and determine the 29 [tax] payable on the basis of such recomputation and make the necessary amendment ; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned 30 [from the end of the financial year in which the final order was passed] in the case of the company in respect of that proceeding. (7A) 31 [ Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992 . ] 32 [(7B) Where in the assessment for any year, the capital gain arising from the transfer of a capital asset is not charged under section 45 by vir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of four years specified in sub-section (7) of that section being 43 [reckoned from the end of the financial year in which the assessment was made.] (10B) 44 [ Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992 . ] (10C) 45 [ Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992 . ] 46 [(11) Where in the assessment for any year, a capital gain arising from the transfer of any original asset as is referred to in section 54H is charged to tax and within the period extended under that section the assessee acquires the new asset referred to in that section or, as the case may be, deposits or invests the amount of such capital gain within the period so extended, the Assessing Officer shall amend the order of assessment so as to exclude the amount of the capital gain not chargeable to tax under any of the sections referred to in section 54H; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of section 154 being reckoned from the end of the previous year in which the compensation was received by the assessee.] 47 [(11A) W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -section (7) of that section being reckoned from the end of the previous year in which such income is so received in, or brought into, India; so, however, that the period from the 1st day of April, 1988 to the 30th day of September, 1991 shall be excluded in computing the period of four years.] 49 [(13) Where in the assessment for any year, the deduction under section 80HHB or section 80HHC or section 80HHD or section 80HHE or section 80-O or section 80R or section 80RR or section 80RRA has not been allowed on the ground that such income has not been received in convertible foreign exchange in India, or having been received in convertible foreign exchange outside India, or having been converted into convertible foreign exchange outside India, has not been brought into India, by or on behalf of the assessee with the approval of the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange and subsequently such income or part thereof has been or is received in, or brought into, India in the manner aforesaid, the Assessing Officer shall amend the order of assessment so as to a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll amend the order of assessment or any intimation or deemed intimation under sub-section (1) of section 143, as the case may be, and the provisions of section 154 shall, so far as may be, apply thereto: Provided that the credit of tax which was under dispute shall be allowed for the year in which such income is offered to tax or assessed to tax in India.] (15) Where in the assessment for any year, a capital gain arising from the transfer of a capital asset, being land or building or both, is computed by taking the full value of the consideration received or accruing as a result of the transfer to be the value adopted or assessed by any authority of a State Government for the purpose of payment of stamp duty in accordance with sub-section (1) of section 50C, and subsequently such value is revised in any appeal or revision or reference referred to in clause ( b ) of sub-section (2) of that section, the Assessing Officer shall amend the order of assessment so as to compute the capital gain by taking the full value of the consideration to be the value as so revised in such appeal or revision or reference; and the provisions of section 154 shall, so far as may be, apply theret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion being reckoned from the end of the previous year in which such order of the Controller referred to in clause ( b ) of sub-section (1), or the High Court referred to in clause ( i ) of sub-section (1) of section 2, of the Patents Act, 1970 (39 of 1970), as the case may be, was passed.] 57 [ (18) Where any deduction in respect of any surcharge or cess, which is not allowable as deduction under section 40, has been claimed and allowed in the case of an assessee in any previous year, such claim shall be deemed to be under-reported income of the assessee for such previous year for the purposes of sub-section (3) of section 270A, notwithstanding anything contained in sub-section (6) of section 270A, and the Assessing Officer shall recompute the total income of the assessee for such previous year and make necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of section 154 being reckoned from the end of the previous year commencing on the 1st day of April, 2021: Provided that in a case where the assessee makes an application to the Assessing Officer in the prescribed form and within ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional compensation shall have the meaning as signed to it in clause ( 1 ) of the Explanation to sub-section (2) of section 54; ( b ) additional consideration , in relation to the transfer of any capital asset the consideration for which was determined or approved by the Central Government or the Reserve Bank of India, means the difference between the amount of consideration for such transfer as enhanced by any court, tribunal or other authority and the amount of consideration which would have been payable if such enhancement had not been made.] ----------------------- Notes :- 1. Substituted for Where in respect of any completed assessment of a partner in a firm by the Finance Act, 1992, w.e.f. 1-4-1993. Earlier, the expression was amended by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date. 2. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 3. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 4. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 5. Sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 29. Substituted for super-tax by the Finance Act, 1965, w.e.f. 1-4-1965. 30 . Substituted for from the date of the final order passed by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 31 . Prior to omission, sub-section (7A) was inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974 and amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 32. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. 33. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 34. Prior to omission, sub-section (8) was inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974 and amended by the Finance Act, 1982, w.e.f. 1-4-1983, Finance Act, 1984, w.e.f. 1-10-1984, Finance Act, 1986, w.e.f. 1-4-1987 and the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 35. Prior to omission, sub-section (8A) was inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974 and amended by the Finance Act, 1982, w.e.f. 1-4-1983, Finance Act, 1986, w.e.f. 1-4-1987 and the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 36. Prior to omission, sub-section (9) was inserted by the Finance Act, 1973, w.e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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