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of <h1>Amendment to Section 155: Taxpayer Capital Gain Exemption on Specified Asset Investment within Six Months of Non-Short-Term Transfer</h1> In the Finance (No. 2) Act, 1977, an amendment to Section 155 of the Income-tax Act introduces a new sub-section 10A, effective from April 1, 1978. This provision allows for the amendment of an assessment order by the Income-tax Officer when a taxpayer invests or deposits in a specified asset within six months of transferring a non-short-term capital asset. The amendment ensures that the capital gain, which qualifies for exemption under Section 54E, is excluded from tax. The amendment process follows the provisions of Section 154, with a four-year period for revision starting from the assessment date.
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