India - Income Tax Act 2010 - Saarc

1.695 CH. XIV - PROCEDURE FOR ASSESSMENT S. 155being reckoned 34 [from the end of the financial year in which the final order waspassed] in the case of the company in respect of that proceeding.(7A) 35 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992.]36[(7B) Where in the assessment for any year, the capital gain arising from thetransfer of a capital asset is not charged under section 45 by virtue of theprovisions of clause (iv) or, as the case may be, clause (v) of section 47, but isdeemed under section 47A to be income chargeable under the head “Capitalgains” of the previous year in which the transfer took place by reason of—(i) such capital asset being converted by the transferee company into, orbeing treated by it, as stock-in-trade of its business ; or(ii) the parent company or its nominees or, as the case may be, the holdingcompany ceasing to hold the whole of the share capital of thesubsidiary company,at any time before the expiry of the period of eight years from the date of suchtransfer, the 37 [Assessing] Officer may, notwithstanding anything contained inthis Act, recompute the total income of the transferor company 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 capital asset was so converted or treated or in which the parentcompany or its nominees or, as the case may be, the holding company ceased tohold the whole of the share capital of the subsidiary company.](8) 38 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992.](8A) 39 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992.](9) 40 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992.](9A) 41 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992.]34. Substituted for “from the date of the final order passed” by the Taxation Laws (Amendment)Act, 1984, w.e.f. 1-10-1984.35. Prior to omission, sub-section (7A) was inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974and amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.36. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985.37. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.38. Prior to omission, sub-section (8) was inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974and amended by the Finance Act, 1982, w.e.f. 1-4-1983, Finance Act, 1984, w.e.f. 1-10-1984,Finance Act, 1986, w.e.f. 1-4-1987 and the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.39. Prior to omission, sub-section (8A) was inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974and amended by the Finance Act, 1982, w.e.f. 1-4-1983, Finance Act, 1986, w.e.f. 1-4-1987and the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.40. Prior to omission, sub-section (9) was inserted by the Finance Act, 1973, w.e.f. 1-4-1974 andamended 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. 1-4-1988.41. Prior to omission, sub-section (9A) was inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974and amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.