India - Income Tax Act 2010 - Saarc

S. 155 I.T. ACT, 1961 1.694(c) for any other purpose which is not a purpose of the business of theundertaking ;the development allowance originally allowed shall be deemed to have beenwrongly allowed, and the 27 [Assessing] Officer may, notwithstanding anythingcontained in this Act, recompute the total income of the assessee for the relevantprevious year and make the necessary amendment ; and the provisions of section154 shall, so far as may be, apply thereto, the period of four years specified in subsection(7) of that section being reckoned from the end of the previous year inwhich the sale or transfer took place or the money was so utilised.]28[Explanation.—For the purposes of this sub-section, where an assessee havingany leasehold or other right of occupancy in any land transfers such right, heshall be deemed to have sold or otherwise transferred such land.]29[(5B) Where any deduction in respect of any expenditure on scientificresearch has been made in any assessment year under sub-section (2B) ofsection 35 and the assessee fails to furnish a certificate of completion of theprogramme obtained from the prescribed authority within one year of theperiod allowed for its completion by such authority, the deduction originallymade in excess of the expenditure actually incurred shall be deemed to havebeen wrongly made, and the 30 [Assessing] Officer may, notwithstandinganything contained in this Act, recompute the total income of the assessee forthe relevant previous year and make the necessary amendment; and theprovisions of section 154 shall, so far as may be, apply thereto, the period of fouryears specified in sub-section (7) of that section being reckoned from the end ofthe previous year in which the period allowed for the completion of theprogramme by the prescribed authority expired.](6) 31 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992.](7) Where as a result of any proceeding under this Act, in the assessment for anyyear of a company in whose case an order under section 104 has been made forthat year, it is necessary to recompute the distributable income of that company,the 32 [Assessing] Officer may proceed to recompute the distributable income anddetermine the 33 [tax] payable on the basis of such recomputation and make thenecessary 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 section27. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.28. Inserted by the Finance Act, 1975, w.r.e.f. 1-4-1965.29. Reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier, itwas omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992. Originalsub-section (5) was inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1981.30. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.31. Prior to omission, sub-section (6) was amended by the Direct Tax Laws (Amendment) Act,1987, w.e.f. 1-4-1988.32. Substituted for “Income-tax”, ibid.33. Substituted for “super-tax” by the Finance Act, 1965, w.e.f. 1-4-1965.