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

..... 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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