Section 48 - Amendment of section 155

Assessment amendment powers allow exclusion of capital gains after prescribed reinvestment and permit post receipt foreign exchange deductions.

The amendment empowers Assessing Officers to amend assessments where a taxed capital gain is subsequently relieved because the taxpayer acquires the qualifying new asset or deposits/invests the gain within the extended reinvestment period, and where deduction for royalty/commission/fees previously denied for not having been received or brought into convertible foreign exchange is later available because such receipts are brought into India; rectification procedure applies and a four year limitation is reckoned from the end of the previous year in which the compensatory or relevant income was received, with a specified exclusion in computing that period.