TaxTMI 
TaxTMI 
Other amendments
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....order was passed] in the case of the firm. 6[(1A) Where in respect of any completed assessment of a firm it is found- (a) on the assessment or reassessment of the firm, or (b) on any reduction or enhancement made in the income of the firm under this section, section 154, section 250, section 254, section 260, section 262, section 263 or section 264, 7[or] (c) on any order passed under sub-section (4) of section 245D on the application made by the firm, that any remuneration to any partner is not deductible under clause (b) of section 40, the Assessing Officer may amend the order of assessment of the partner with a view to adjusting the income of the partner to the extent of the amount not so deductible ; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the financial year in which the final order was passed in the case of the firm.] (2) Where in respect of any completed assessment of a member of an association of persons or of a body of individuals it is found- (a) on the assessment or reassessment of the association or body, or (b) on any reduct....
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....rporation established by a Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956), or in connection with any amalgamation or succession referred to in sub-section (6) or sub-section (7) of section 32A ; or (b) at any time before the expiry of ten years from the end of the previous year in which the ship or aircraft was acquired or the machinery or plant was installed, the assessee does not utilise the amount credited to the reserve account under sub-section (4) of section 32A for the purposes of acquiring a new ship or a new aircraft or new machinery or plant (other than machinery or plant of the nature referred to in clauses (a), (b) and (d) of the 18[second] proviso to sub-section (1) of section 32A) for the purposes of the business of the undertaking ; or (c) at any time before the expiry of ten years referred to in clause (b) the assessee utilises the amount credited to the reserve account under sub-section (4) of section 32A- (i) for distribution by way of dividends or profits ; or (ii) for remittance outside India as profits or for the creation of any asset outside India ; or (iii) for any other purp....
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....he development rebate originally allowed shall be deemed to have been wrongly allowed, and the 21[Assessing] Officer may, notwithstanding anything contained in this Act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the previous year in which the sale or transfer took place or the money was so utilised. 22[(5A) Where an allowance by way of development allowance has been made wholly or partly to an assessee in respect of the cost of planting in any area in any assessment year under section 33A and subsequently- (i) at any time before the expiry of eight years from the end of the previous year in which such allowance was made, the land is sold or otherwise transferred by the assessee to any person other than the Government, a local authority, a corporation established by a Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956), or in connection with any amalgamation or succession re....
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....n 104 has been made for that year, it is necessary to recompute the distributable income of that company, the 28[Assessing] Officer may proceed to recompute the distributable income and determine the 29[tax] payable on the basis of such recomputation and make the necessary amendment ; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned 30[from the end of the financial year in which the final order was passed] in the case of the company in respect of that proceeding. (7A) 31[****] 32[(7B) Where in the assessment for any year, the capital gain arising from the transfer of a capital asset is not charged under section 45 by virtue of the provisions of clause (iv) or, as the case may be, clause (v) of section 47, but is deemed under section 47A to be income chargeable under the head "Capital gains" of the previous year in which the transfer took place by reason of- (i) such capital asset being converted by the transferee company into, or being treated by it, as stock-in-trade of its business ; or (ii) the parent company or its nominees or, as the case may be, the holding comp....
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....the previous year in which the compensation was received by the assessee.] 47[(11A) Where in the assessment for any year, the deduction under section 10A or 58[section 10AA or] section 10B or section 10BA has not been allowed on the ground that such income has not been received in convertible foreign exchange in India, or having been received in convertible foreign exchange outside India, or having been converted into convertible foreign exchange outside India, has not been brought into India, by or on behalf of the assessee with the approval of the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange and subsequently such income or part thereof has been or is received in, or brought into, India in the manner aforesaid, the Assessing Officer shall amend the order of assessment so as to allow deduction under section 10A or 58[section 10AA or] section 10B or section 10BA, as the case may be, in respect of such income or part thereof as is so received in, or brought into, India, and the provisions of section 154 shall, so far as may be, apply thereto, and the period of four ye....
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....sessing Officer shall amend the order of assessment so as to allow deduction under section 80HHB or section 80HHC or section 80HHD or section 80HHE or section 80-O or section 80R or section 80RR or section 80RRA, as the case may be, in respect of such income or part thereof as is so received in, or brought into, India; and the provisions of section 154 shall, so far as may be, apply thereto, and the period of four years shall be reckoned from the end of the previous year in which such income is so received in, or brought into, India.] 50[(14) Where in the assessment for any previous year or in any intimation or deemed intimation under sub-section (1) of section 143 for any previous year, 51[credit for tax deducted or collected in accordance with the provisions of section 199 or, as the case may be, section 206C] has not been given on the ground that the certificate furnished under section 203 52[or section 206C] was not filed with the return and subsequently such certificate is produced before the Assessing Officer within two years from the end of the assessment year in which such income is assessable, the Assessing Officer shall amend the order of assessment or any intimatio....
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....shall, so far as may be, apply thereto, and the period of four years shall be reckoned from the end of the previous year in which the order revising the value was passed in that appeal or revision or reference.] 54[(16) Where in the assessment for any year, a capital gain aris­ing from the transfer of a capital asset, being a transfer by way of compulsory acquisition under any law, or a transfer, the con­sideration for which was determined or approved by the Central Government or the Reserve Bank of India, is computed by taking the compensation or consideration as referred to in clause (a) or, as the case may be, the compensation or consideration en­hanced or further enhanced as referred to in clause (b) of sub-section (5) of section 45, to be the full value of consideration deemed to be received or accruing as a result of the transfer of the asset and subsequently such compensation or consideration is reduced by any court, Tribunal or other authority, the Assessing Officer shall amend the order of assessment so as to compute the capital gain by taking the compensation or consideration as so reduced by the court, Tribunal or any other authority to be the full value of ....
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....d form and within the prescribed time, requesting for recomputation of the total income of the previous year without allowing the claim for deduction of surcharge or cess and pays the amount due thereon within the specified time, such claim shall not be deemed to be under-reported income for the purposes of sub-section (3) of section 270A.] 59[(19) Where any deduction in respect of any expenditure incurred for the purchase of sugarcane has been claimed by an assessee, being a co-operative society engaged in the business of manufacture of sugar, and such deduction has been disallowed wholly or partly in any previous year commencing on or before the 1st day of April, 2014, the Assessing Officer shall, on the basis of an application made by such assessee in this regard, recompute the total income of the assessee for such previous year after allowing deduction to the extent such expenditure is incurred at a price which is equal to or less than the price fixed or approved by the Government for that previous year, and the provisions of section 154 shall, so far as may be, apply thereto, and the period of four years specified in sub-section (7) of that section shall be reckoned from the ....
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....ation or deemed intimation under sub-section (1) of section 143, for the said two consecutive previous years is not made within the said three months, such recomputation shall be made within three months from the end of the month in which such order of assessment or any intimation or deemed intimation under sub-section (1) of section 143, as the case may be, is made.] 55[Explanation.-For the purposes of this section,- (a) "additional compensation" shall have the meaning as­signed to it in clause (1) of the Explanation to sub-section (2) of section 54; (b) "additional consideration", in relation to the transfer of any capital asset the consideration for which was determined or approved by the Central Government or the Reserve Bank of India, means the difference between the amount of consideration for such transfer as enhanced by any court, tribunal or other authority and the amount of consideration which would have been payable if such enhancement had not been made.] ****************** NOTES:- 1. Substituted vide Section 62 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, "Where in respect of any completed assessment of a partner ....
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....ent of such excess profits tax or business profits tax, as the case may be." 13. Inserted vide Section 74 of the Finance Act, 1987 w.e.f. 01-04-1988 14. Inserted vide Section 13 of the Finance Act, 1974 w.e.f. 01-04-1975 15. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 16. Substituted vide Section 30 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-10-1984 before it was read as, "from the date of the order passed" 17. Inserted vide Section 21 of the Finance Act, 1976 w.e.f. 01-04-1976 18. Inserted vide Section 25 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 19. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 20. Substituted vide Section 32 of the Taxation Laws (Amendment & Miscellaneous Provisions) Act, 1986 w.e.f. 01-04-1988 before it was read as, "Explanation to clause (vi) of sub-section (1) of section 32" 21. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1....
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....n this Act, allow such debt or part as a deduction for such earlier previous year, if the assessee accepts such a finding of the Assessing Officer, and recompute the total income of the assessee for such earlier previous year and make the necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in subjection (7) of that section being reckoned from the end of the financial year in which the assessment relating to the previous year in which the debt is written off is made." Earlier, Amended vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 28. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 29. Substituted vide Section 39 of the Finance Act, 1965 w.e.f. 01-04-1965 before it was read as, "super-tax" 30. Substituted vide Section 30 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-10-1984 before it was read as, "from the date of the final order passed" 31. Omitted vide Section 61 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. ....
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....l, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the financial year in which the assessment was made." Earlier, Amended vide Section 19 of the Finance Act, 1978 w.e.f. 01-04-1974 And was Amended vide Section 23 of the Finance Act, 1982 w.e.f. 01-04-1983 And was Amended vide Section 28 of the Finance Act, 1986 w.e.f. 01-04-1987 And was Amended vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 35. Omitted vide Section 61 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1992 before it was read as, "(8A) Where in the assessment for any year, a capital gain arising from the transfer, by way of compulsory acquisition under any law of any such capital asset as is referred to in section 54 is charged to tax and if the compensation for such acquisition is enhanced or further enhanced, as the case may be, by any court, tribunal or other authority, and the assessee purchases, within a period of one year after the date of receipt of the additional compensation or constructs, within a period of three years after that date, a....
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....or such acquisition is enhanced or further enhanced, as the case may be, by any court, tribunal or other authority, and within a period of two years after the receipt of the additional compensation, the assessee purchases any land for being used for agricultural purposes, the Assessing Officer shall amend the order of assessment so as to exclude the amount of capital gain not chargeable to tax under the provisions of sub-section (2) of section 54B ; and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the end of the previous year in which the additional compensation was received by the assessee." Earlier, Inserted vide Section 19 of the Finance Act, 1978 w.e.f. 01-04-1974 And was Amended vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 38. Omitted vide Section 61 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1992 before it was read as, "(10) (a) Where in the assessment for any year, a capital gain arising from the transfer by way of compulsory acquisition of any such capital asset as is referred....
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....Substituted vide Section 74 of the Finance Act, 1987 w.e.f. 01-04-1988 before it was read as, "capital asset, not being a short-term capital asset" 41. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 42. Inserted vide Section 19 of the Finance Act, 1978 w.e.f. 01-04-1974 43. Substituted vide Section 30 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-10-1984 before it was read as, "reckoned from the date of the assessment" 44. Omitted vide Section 61 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1992 before it was read as, "(10B) Where in the assessment for any year, a capital gain arising from the transfer, being a transfer by way of compulsory acquisition or a transfer the consideration for which was determined or approved by the Central Government or the Reserve Bank of India, of any capital asset, not being a short-term capital asset, is charged to tax and if the compensation or, as the case may be, consideration for such transfer is enhanced or further enhanced, as the case may be, by any court, tribunal or other authority,....
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....r any year, the deduction under section 80N in respect of any income, being the whole or any part of income by way of dividends as is referred to in that section, has not been allowed on the ground that such income has not been received in convertible foreign exchange in India, or having been received in convertible foreign exchange outside India, or having been converted into convertible foreign exchange outside India, has not been brought into India, by or on behalf of the assessee in accordance with any law for the time being in force for regulating payments and dealings in foreign exchange and subsequently such income or part thereof is received in, or brought into, India in the manner aforesaid, the Income-tax Officer shall amend the order of assessment so as to allow deduction under section 80N in respect of such income or part thereof as is so received in, or brought into, India and the provisions of section 154 shall, so far as may be, apply thereto, the period of four years specified in sub-section (7) of that section being reckoned from the date on which such income is so received in, or brought into, India." 47. Inserted vide Section 14 of the Taxation Laws (Amendment)....