Section 155 - Other amendments

Tax authority can amend personal assessments after firm's assessment changes under Section 154, subject to four-year limits

Where a firm, association or company's assessment is varied or finalised and it affects a partner's or member's share or an assessee's entitlement (including disallowance of partner remuneration, wrongly allowed investment/development allowances, research deductions, patent deductions, capital gains recalculations, foreign-tax or TDS credits, specified reinvestments, or transfer-pricing adjustments), the tax authority may amend related completed assessments to include or correct income and recompute total income for relevant years. Amendments follow section 154 procedures insofar as applicable, subject to specified limitation periods (generally four years reckoned from prescribed dates) and special temporal rules for particular allowances and transactions.