India - Income Tax Act 2010 - Saarc

1.691 CH. XIV - PROCEDURE FOR ASSESSMENT S. 155is not correct, the 9 [Assessing] Officer may amend the order of assessment of themember with a view to the inclusion of the share in the assessment or thecorrection thereof, as the case may be ; 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 10 [from the end of the financial year in whichthe final order was passed] in the case of the association or body, as the case maybe.(3) 11 [* * *](4) Where as a result of proceedings initiated under section 147, a loss ordepreciation has been recomputed and in consequence thereof it is necessary torecompute the total income of the assessee for the succeeding year or years towhich the loss or depreciation allowance has been carried forward and set offunder the provisions of sub-section (1) of section 72, or sub-section (2) of section73, or sub-section (1) 12 [or sub-section (3)] of section 74, 13 [or sub-section (3) ofsection 74A,] the 14 [Assessing] Officer may proceed to recompute the totalincome in respect of such year or years and make the necessary amendment ;and the provisions of section 154 shall, so far as may be, apply thereto, the periodof four years specified in sub-section (7) of that section being reckoned 15 [fromthe end of the financial year in which the order was passed] under section 147.16[(4A) Where an allowance by way of investment allowance has been madewholly or partly to an assessee 17 in respect of a ship or an aircraft or anymachinery or plant in any assessment year under section 32A and subsequently—(a) at any time before the expiry of eight years from the end of theprevious year in which the ship or aircraft was acquired or themachinery or plant was installed, the ship, aircraft, machinery orplant is sold or otherwise transferred by the assessee to any personother than the Government, a local authority, a corporation establishedby a Central, State or Provincial Act or a 18 Governmentcompany as defined in section 617 of the Companies Act, 1956 (1 of1956), or in connection with any amalgamation or succession referredto in sub-section (6) or sub-section (7) of section 32A ; or9. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.10. Substituted for “from the date of the final order passed” by the Taxation Laws (Amendment)Act, 1984, w.e.f. 1-10-1984.11. Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.12. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.13. Inserted by the Finance Act, 1974, w.e.f. 1-4-1975.14. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.15. Substituted for “from the date of the order passed” by the Taxation Laws (Amendment)Act, 1984, w.e.f. 1-10-1984.16. Inserted by the Finance Act, 1976, w.e.f. 1-4-1976.17. For the meaning of expression “assessee”, see Taxmann’s Direct Taxes Manual, Vol. 3.18. For definition of “Government company”, see footnote 71 on p. 1.23 ante.