Amendment of section 155

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....deration for such transfer is enhanced or further enhanced by any court, tribunal or other authority, the computation or, as the case may be, computations made earlier shall be deemed to have been wrongly made and the Income-tax Officer shall, notwithstanding anything contained in this Act, recompute in accordance with section 48 the capital gain arising from such transfer by taking the compensation or the consideration as enhanced or further enhanced, as the case may be, to be the full value of the consideration received or accruing as a result of such transfer and shall 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 subsection (7) of that sectio....

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....ied in sub-section of that section being reckoned from the end of the previous year in which the additional compensation was received by the assessee. " ; (d) in sub-section (9), for the words, figures and letter " under the provisions of section 54B'", the words, brackets, figures and letter "under the provisions of sub-section (1) of section 54B " shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1974; (e) after sub-section (9), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1974, namely :-- "(9A) Where in the assessment for any year, a capital gain arising from the tr....

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....effect from that date, namely :-- "(b) 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 to in section 54D 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 within a period of three years after the date of receipt of the additional compensation, the assessee purchases any land or building or any right in any land or building or constructs any building for the purpose of shifting or re-establishing the undertaking referred to in sub-section (1) of that section or setting up any other industrial undertaking, the Income-tax ....

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.... invests or deposits the whole or any part of the additional compensation or consideration in any specified asset referred to in Explanation 1 of sub-section (1) of section 54E, the Income-tax Officer shall amend the order of assessment so as to exclude the amount of capital gain not chargeable to tax under the provisions of subsection (3) of section 54E ; 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 or consideration was received by the assessee." ; (j) the following Explanation shall be inserted at the end and shall be deemed to have been so inserted ....