India - Income Tax Act 2010 - Saarc

1.689 CH. XIV - PROCEDURE FOR ASSESSMENT S. 155of its intention so to do and has allowed the assessee a reasonable opportunityof being heard.(4) Where an amendment is made under this section, an order shall be passed inwriting by the income-tax authority concerned.(5) Subject to the provisions of section 241, where any such amendment has theeffect of reducing the assessment, the 96 [Assessing] Officer shall make anyrefund which may be due to such assessee.(6) Where any such amendment has the effect of enhancing the assessmentor reducing a refund already made, the 96 [Assessing] Officer shall serve onthe assessee a notice of demand in the prescribed form specifying the sumpayable 97 , and such notice of demand shall be deemed to be issued under section156 and the provisions of this Act shall apply accordingly.(7) Save as otherwise provided in section 155 or sub-section (4) of section 186 noamendment under this section shall be made after the expiry of four years98[from the end of the financial year in which the order 99 sought to be amendedwas passed.]1[(8) Without prejudice to the provisions of sub-section (7), where an applicationfor amendment under this section is made by the assessee on or after the 1st dayof June, 2001 to an income-tax authority referred to in sub-section (1), theauthority shall pass an order, within a period of six months from the end of themonth in which the application is received by it,—(a) making the amendment; or(b) refusing to allow the claim.]Other amendments.155. (1) 2 [Where, in respect of any completed assessment 3 of a partner in afirm for the assessment year commencing on the 1st day of April, 1992, orany earlier assessment year,] it is found—(a) on the assessment or reassessment of the firm, or96. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.97. For the meaning of expression “the sum payable”, see Taxmann’s Direct Taxes Manual,Vol. 3.98. Substituted for “from the date of the order sought to be amended” by the Taxation Laws(Amendment) Act, 1984, w.e.f. 1-10-1984.99. For the meaning of the terms/expressions “order” and “completed assessment”, seeTaxmann’s Direct Taxes Manual, Vol. 3.1. Inserted by the Finance Act, 2001, w.e.f. 1-6-2001.2. Substituted for “Where in respect of any completed assessment of a partner in a firm” bythe Finance Act, 1992, w.e.f. 1-4-1993. Earlier, the expression was amended by the DirectTax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and the Direct Tax Laws (Amendment)Act, 1987, with effect from the same date.3. For the meaning of the terms/expressions “order” and “completed assessment”, seeTaxmann’s Direct Taxes Manual, Vol. 3.