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of <h1>Income-tax Act's Section 155 amended to include recomputation rules for arm's length pricing, effective April 2026.</h1> Section 155 of the Income-tax Act is amended to introduce a new sub-section (21), effective April 1, 2026. It addresses the recomputation of an assessee's total income for two consecutive previous years following a year in which the arm's length price for an international or specified domestic transaction is determined under section 92CA(3). If the Transfer Pricing Officer validates the assessee's option for two consecutive years, the Assessing Officer must amend the assessment order in line with the arm's length price and any directions under section 144C(5) within three months after assessment completion. If not completed within this timeframe, recomputation must occur within three months of order issuance.
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