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of <h1>Assessing Officer can amend completed assessments under Section 155 for partnership income, capital gains, and transfer pricing corrections</h1> Section 155 of the Income Tax Act, 1961 empowers the Assessing Officer to amend completed assessments in various circumstances. The provision covers amendments to partner assessments when firm income shares are incorrectly included or excluded, similar provisions for association members, recomputation following loss or depreciation adjustments, and corrections related to investment allowances, development rebates, and development allowances that were wrongly claimed. The section also addresses capital gains computations, foreign exchange receipt requirements for deductions, tax credit adjustments, and transfer pricing matters. Amendment powers extend to cases involving stamp duty valuations, patent revocations, surcharge claims, and cooperative society expenditures. The general limitation period is four years from specified trigger dates, with provisions of section 154 applying to these amendments.
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