India - Income Tax Act 2010 - Saarc

S. 155 I.T. ACT, 1961 1.696(10) 42 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992.]43[(10A) Where in the assessment for any year, a capital gain arising from thetransfer of a 44 [long-term capital asset], is charged to tax and within a period ofsix months after the date of such transfer, the assessee has made any investmentor deposit in any specified asset within the meaning of Explanation 1 to subsection(1) of section 54E, the 45 [Assessing] Officer shall amend the order ofassessment so as to exclude the amount of the capital gain not chargeable to taxunder the provisions of 46 [sub-section (1) of] section 54E ; and the provisions ofsection 154 shall, so far as may be, apply thereto, the period of four years specifiedin sub-section (7) of that section being 47 [reckoned from the end of the financialyear in which the assessment was made.](10B) 48 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992.](10C) 49 [Omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1992.]50[(11) Where in the assessment for any year, a capital gain arising from thetransfer of any original asset as is referred to in section 54H is charged to tax andwithin the period extended under that section the assessee acquires the new assetreferred to in that section or, as the case may be, deposits or invests the amountof such capital gain within the period so extended, the Assessing Officer shallamend the order of assessment so as to exclude the amount of the capital gainnot 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 periodof four years specified in sub-section (7) of section 154 being reckoned from theend of the previous year in which the compensation was received by theassessee.]51[(11A) Where in the assessment for any year, the deduction under section 10Aor section 10B or section 10BA has not been allowed on the ground that suchincome has not been received in convertible foreign exchange in India, or havingbeen received in convertible foreign exchange outside India, or having been42. Prior to omission, sub-section (10) was inserted by the Finance Act, 1973, w.e.f. 1-4-1974and 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. 1-4-1988.43. Inserted by the Finance (No. 2) Act, 1977, w.e.f. 1-4-1978.44. Substituted for “capital asset, not being a short-term capital asset” by the Finance Act,1987, w.e.f. 1-4-1988.45. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.46. Inserted by the Finance Act, 1978, w.r.e.f. 1-4-1974.47. Substituted for “reckoned from the date of the assessment” by the Taxation Laws(Amendment) Act, 1984, w.e.f. 1-10-1984.48. Prior to omission, sub-section (10B) was inserted by the Finance Act, 1978, w.e.f. 1-4-1978and amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988.49. Prior to omission, sub-section (10C) was inserted by the Finance Act, 1982, w.e.f. 1-4-1983and amended by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-10-1984 and theDirect Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1987.50. Inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. Earlier sub-section (11) wasomitted by the Finance Act, 1985, w.e.f. 1-4-1986. Original sub-section was inserted by theFinance Act, 1974, w.e.f. 1-4-1974.51. Inserted by the Taxation Laws (Amendment) Act, 2006, w.e.f. 13-7-2006.