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TMI BlogOther amendments.X X X X Extracts X X X X X X X X Extracts X X X X ..... here any remuneration to any partner determined in completed assessment of the firm is subsequently found not deductible under section 35(f) in terms of- (a) assessment or reassessment of the firm; or (b) any reduction or enhancement made in the income of the firm under this section or section 287 or 356 or 363 or 365 or 368 or 377 or 378; or (c) any order passed under section 245D (4) of the Income-tax Act, 1961 on the application made by the firm, From the end of the financial year in which the subsequent order was passed in the case of the firm. 2. Amendment of order of assessment of the member of an association of persons or of a body of individuals; so as to include the share of the member in the assessment or the corrections ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e in the assessment for any tax year,- (a) the capital gain arising from the transfer of a capital asset is not charged under section 67 in terms of section 70(1)(c) or (d); (b) such gains are deemed under section 71(1) as "Capital gains" of the tax year in which the transfer took place at any time before the expiry of the period of eight years from the date of such transfer by reason of-- (i) such capital asset being converted by the transferee company into, or being treated by it, as stock-in trade of its business; or (ii) the parent company or its nominees or, the holding company ceasing to hold the whole of the share capital of the subsidiary company. From the end of the year- (i) in which the capital asset was converted or t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y such income or part thereof has been or is received in, or brought into, India in the manner specified in (b) above. From the end of the financial year in which such income is so received in, or brought into, India. 7. The order of assessment or any intimation or deemed intimation under section 270(1), -to be amended, - to give credit for income-tax - for the year in which such income is offered to tax or assessed to tax in India. Where in the assessment for any tax year or in any intimation or deemed intimation under section 270(1) for any tax year,-- (a) credit for income-tax paid in any country outside India or a specified territory outside India referred to in Chapter IX-B has not been given on the ground that the payment of suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll value of consideration. (a) Where in the assessment for any year, a capital gain arising from the transfer of a capital asset being a transfer referred to in clause (b) is computed-- (i) by taking the compensation or consideration as referred to in section 67(12)(a) or, as the case may be, the compensation or consideration enhanced or further enhanced as referred to in section 67(12)(b), to be the full value of consideration deemed to be received or accruing as a result of the transfer of the asset; and (ii) subsequently such compensation or consideration is reduced by any court, Tribunal or other authority. (b) The transfer and consideration referred to in clause (a) shall be (i) Transfer by way of compulsory acquisition under a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any tax year, and tax on such income has been deducted at source and paid to the credit of the Central Government as per the provisions of Chapter XIX-B in a subsequent tax year; and (b) an application is made by an assessee in such form, as prescribed, within two years from the end of the tax year in which such tax was deducted at source. From the end of the financial year in which such tax has been deducted. 12. The order of assessment or any intimation or deemed intimation under section 271 to be amended for two consecutive tax years to give effect to the order passed under section 166(6) or directions issued under section 275(5) Where the Transfer Pricing Officer under section 166(9) declares the option of the assessee, for determi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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