TaxTMI 
TaxTMI 
Time Limit for Re-computation of income/amendment of order of the past years in certain cases – Section 155
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.... Within 4 years from the end of the financial year in which final order is passed in case of firm. 155(4) Recomputation of total income for succeeding year(s) necessitated because of loss or depreciation for an earlier year, in consequence of recomputation in proceeding u/s 147 Within 4 years from the end of the financial year in which order u/s 147 is passed. 155(7B) Recomputing of deemed capital gain u/s 47A Within 4 years from end of PY in which capital asset is converted into stock-in-trade or in which parent company/holding company ceases to have 100% shareholding in subsidiary company. 155(11) Amending order of assessment so as to exclude amount of capital gain not charged to tax u/s 54H Within 4 years from the end of the PY....
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.... year. The AO shall amend the order of assessment or any intimation or deemed intimation u/s 143(1), as the case may be, and the provisions of section 154 shall, so far as may be, apply thereto. However, the credit of tax which was under dispute shall be allowed for the year in which such income is offered to tax or assessed to tax in India. 155(15) Recomputation of capital gains based on value adopted by Stamp Valuation Authority u/s 50 subsequently revised in any appeal or revision u/s 50C(2)(b). Within 4 years from the end of the PY in which the order revising the value was passed in that appeal or revision or reference. 155(16) Amendment of amount due to recomputation of capital gain due to reduction of normal or enhanced compens....
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.... of the previous year commencing on the 1st day of April, 2021 An application requesting for recomputation of total income of the previous year without allowing the claim for deduction of surcharge or cess, which has been claimed and allowed as deduction under section 40 in the said previous year, shall be made in Form No. 69 on or before the 31st day of March, 2023. [ Rule 132(1) ] Note:- Read with Section 40(a)(ii) and Rule 132 ] 155(19) [ Inserted by FA, 2023 w.e.f. 01.04.2023] 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 commen....
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....n at source - The application required to be made by the assessee shall be in Form No. 71. [ w.e.f. 01.10.2023 Rule 134 of Income Tax Act ] 155(21) [ Inserted by section 47 of the Finance Act, 2025 W.e.f. 01.04.2026 ] Where the arm's length price is determined in relation to an international transaction or a specified domestic transaction under section 92CA(3) for any previous year and the Transfer Pricing Officer has declared that an option exercised by the assessee is valid under section 92CA(3B) in respect of such transaction for two consecutive previous years immediately following such previous year, The Assessing Officer shall proceed to recompute the total income of the assessee for the said two consecutive previous ye....