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Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Chapter XIV PROCEDURE FOR ASSESSMENT This

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Section 155 - Other amendments - Income-tax Act, 1961

Extract

..... f 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 reduction or enhancement made in the income of the association or body under this section, section 154 .....

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Section 155 - Other amendments - Income-tax Act, 1961

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..... fined 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 purpose which is not a purpose of the business of the undertaking, the investment al .....

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Section 155 - Other amendments - Income-tax Act, 1961

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..... y 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 referred to in sub-section (5) or sub-section (6) of section 33A ; or ( ii ) .....

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Section 155 - Other amendments - Income-tax Act, 1961

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..... 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 [ Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992 . ] 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 .....

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Section 155 - Other amendments - Income-tax Act, 1961

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..... od extended under that section the assessee acquires the new asset referred to in that section or, as the case may be, deposits or invests the amount of such capital gain within the period so extended, the Assessing Officer shall amend the order of assessment so as to exclude the amount of the capital gain not chargeable to tax under any of the sections referred to in section 54H; 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 section 154 being reckoned from the end of 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 t .....

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Section 155 - Other amendments - Income-tax Act, 1961

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..... 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 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 intimatio .....

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Section 155 - Other amendments - Income-tax Act, 1961

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..... sfer to be the value adopted or assessed by any authority of a State Government for the purpose of payment of stamp duty in accordance with sub-section (1) of section 50C, and subsequently such value is revised in any appeal or revision or reference referred to in clause ( b ) of sub-section (2) of that section, the Assessing Officer shall amend the order of assessment so as to compute the capital gain by taking the full value of the consideration to be the value as so revised in such appeal or revision or reference; 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 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 aris ing from the transfer of a capital asset, being a transfer by way of compulsory acquisition under any law, or a transfer, the con sideration 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 .....

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Section 155 - Other amendments - Income-tax Act, 1961

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..... ction 270A, notwithstanding anything contained in sub-section (6) of section 270A, and the Assessing Officer shall recompute the total income of the assessee for such previous year and make 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 section 154 being reckoned from the end of the previous year commencing on the 1st day of April, 2021: Provided that in a case where the assessee makes an application to the Assessing Officer in the prescribed 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 be .....

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Section 155 - Other amendments - Income-tax Act, 1961

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..... nce Act, 1992, w.e.f. 1-4-1993. Earlier, the expression was amended by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date. 2. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 3. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 4. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 5. Substituted for from the date of the final order passed by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 6. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. 7. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 8. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 9. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 10. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 11. Substituted for from the date of the final order passed by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984. 12. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 13. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988. 14. I .....

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Section 155 - Other amendments - Income-tax Act, 1961

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..... ance Act, 1978, w.r.e.f. 1-4-1974 and amended by the Finance Act, 1982, w.e.f. 1-4-1983, Finance Act, 1986, w.e.f. 1-4-1987 and the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 36. Prior to omission, sub-section (9) was inserted by the Finance Act, 1973, w.e.f. 1-4-1974 and amended by the Finance Act, 1978, w.r.e.f. 1-4-1974, Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984 and Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 37. Prior to omission, sub-section (9A) was inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974 and amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 38. Prior to omission, sub-section (10) was inserted by the Finance Act, 1973, w.e.f. 1-4-1974 and amended by the Finance Act, 1978, w.r.e.f. 1-4-1974, Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984 and Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 39. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1978. 40. Substituted for capital asset, not being a short-term capital asset by the Finance Act, 1987, w.e.f. 1-4-1988. 41. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 42 . Inserted by the Finance Act, 19 .....

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Section 155 - Other amendments - Income-tax Act, 1961

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  1. 111/2022 - Dated: 28-9-2022 - Income-tax (32nd Amendment) Rules, 2022
  2. 139/2021 - Dated: 28-12-2021 - Faceless Appeal Scheme, 2021
  3. 03/2021 - Dated: 12-1-2021 - Central Government makes the directions of Faceless Penalty Scheme, 2021
  4. 77/2020 - Dated: 25-9-2020 - Central Government notifies directions giving effect to the Faceless Appeal Scheme, 2020
  1. Companies Act, 1956
  2. Section 91 - Countries with which no agreement exists - Income-tax Act, 1961
  3. Section 90A - Adoption by Central Government of agreements between specified associations for double taxation relief - Income-tax Act, 1961
  4. Section 90 - Agreement with foreign countries or specified territories - Income-tax Act, 1961
  5. Section 80RRB - Deduction in respect of royalty on patents - Income-tax Act, 1961
  6. Section 80RRA - Deduction in respect of remuneration received for services rendered outside India - Income-tax Act, 1961
  7. Section 80RR - Deduction in respect of professional income from foreign sources in certain cases - Income-tax Act, 1961
  8. Section 80R - Deduction in respect of remuneration from certain foreign sources in the case of professors, teachers, etc. - Income-tax Act, 1961
  9. Section 80O - Deduction in respect of royalties, etc., from certain foreign enterprises - Income-tax Act, 1961
  10. Section 80HHE - Deduction in respect of profits from export of computer software, etc. - Income-tax Act, 1961
  11. Section 80HHD - Deduction in respect of earnings in convertible foreign exchange - Income-tax Act, 1961
  12. Section 80HHC - Deduction in respect of profits retained for export business - Income-tax Act, 1961
  13. Section 80HHB - Deduction in respect of profits and gains from projects outside India - Income-tax Act, 1961
  14. Section 74A - Losses from certain specified sources falling under the head Income from other sources - Income-tax Act, 1961
  15. Section 74 - Losses under the head Capital gains - Income-tax Act, 1961
  16. Section 73 - Losses in speculation business - Income-tax Act, 1961
  17. Section 72 - Carry forward and set off of business losses - Income-tax Act, 1961
  18. Section 617 - Definition of "Government Company". - Companies Act, 1956
  19. Section 56 - Income from other sources - Income-tax Act, 1961
  20. Section 54H - Extension of time for acquiring new asset or depositing or investing amount of capital gain - Income-tax Act, 1961
  21. Section 54E - Capital gain on transfer of capital assets not to be charged in certain cases - Income-tax Act, 1961
  22. Section 54 - Profit on sale of property used for residence - Income-tax Act, 1961
  23. Section 50C - Special provision for full value of consideration in certain cases - Income-tax Act, 1961
  24. Section 47A - Withdrawal of exemption in certain cases - Income-tax Act, 1961
  25. Section 47 - Transactions not regarded as transfer - Income-tax Act, 1961
  26. Section 45 - Capital gains - Income-tax Act, 1961
  27. Section 40 - Amounts not deductible - Income-tax Act, 1961
  28. Section 36 - Other deductions - Income-tax Act, 1961
  29. Section 35 - Expenditure on scientific research - Income-tax Act, 1961
  30. Section 34 - Conditions for depreciation allowance and development rebate - Income-tax Act, 1961
  31. Section 33A - Development allowance - Income-tax Act, 1961
  32. Section 33 - Development rebate - Income-tax Act, 1961
  33. Section 32A - Investment allowance - Income-tax Act, 1961
  34. Section 270A - Penalty for under-reporting and misreporting of income. - Income-tax Act, 1961
  35. Section 264 - Revision of other orders - Income-tax Act, 1961
  36. Section 263 - Revision of orders prejudicial to revenue - Income-tax Act, 1961
  37. Section 262 - Hearing before Supreme Court - Income-tax Act, 1961
  38. Section 260 - Decision of High Court or Supreme Court on the case stated. - Income-tax Act, 1961
  39. Section 254 - Orders of Appellate Tribunal - Income-tax Act, 1961
  40. Section 253 - Appeals to the Appellate Tribunal - Income-tax Act, 1961
  41. Section 250 - Procedure in appeal - Income-tax Act, 1961
  42. Section 246A - Appealable orders before Commissioner (Appeals) - Income-tax Act, 1961
  43. Section 246 - Appealable orders before Joint Commissioner (Appeals) - Income-tax Act, 1961
  44. Section 245M - Option to withdraw pending application. - Income-tax Act, 1961
  45. Section 245HA - Abatement of proceeding before Settlement Commission - Income-tax Act, 1961
  46. Section 245D - Procedure on receipt of an application under section 245C - Income-tax Act, 1961
  47. Section 244A - Interest on refunds - Income-tax Act, 1961
  48. Section 234D - Interest on excess refund - Income-tax Act, 1961
  49. Section 234B - Interest for defaults in payment of advance tax - Income-tax Act, 1961
  50. Section 234A - Interest for defaults in furnishing return of income - Income-tax Act, 1961
  51. Section 220 - When tax payable and when assessee deemed in default - Income-tax Act, 1961
  52. Section 215 - Interest payable by assessee - Income-tax Act, 1961
  53. Section 214 - Interest payable by Government - Income-tax Act, 1961
  54. Section 206C - Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc. - Income-tax Act, 1961
  55. Section 203 - Certificate for tax deducted - Income-tax Act, 1961
  56. Section 199 - Credit for tax deducted - Income-tax Act, 1961
  57. Section 157A - Faceless rectification, amendments and issuance of notice or intimation - Income-tax Act, 1961
  58. Section 154 - Rectification of mistake - Income-tax Act, 1961
  59. Section 153 - Time limit for completion of assessment, reassessment and recomputation. - Income-tax Act, 1961
  60. Section 152 - Other provisions - Income-tax Act, 1961
  61. Section 147 - Income escaping assessment - Income-tax Act, 1961
  62. Section 143 - Assessment - Income-tax Act, 1961
  63. Section 139 - Return of income - Income-tax Act, 1961
  64. Section 119 - Instructions to subordinate authorities - Income-tax Act, 1961
  65. Section 115JAA - Tax credit in respect of tax paid on deemed income relating to certain companies - Income-tax Act, 1961
  66. Section 10BA - Special provisions in respect of export of certain articles or things. - Income-tax Act, 1961
  67. Section 10B - Special provisions in respect of newly established hundred per cent export-oriented undertakings - Income-tax Act, 1961
  68. Section 10A - Special provision in respect of newly established undertakings in free trade zone, etc. - Income-tax Act, 1961
  69. Para 14 - Application of provisions of the Act - Faceless Appeal Scheme, 2021