he Assessing Officer, may carry out such actions as are specified in column B of the Table below for reasons mentioned therein, subject to the conditions as specified in column C, within four years referred to in section 287(8) which shall be reckoned from the time as specified in column D, and the provisions of section 287 shall, so far as may be, apply to such amendment:— Table Sl.No. Actions Conditions Time A B C D 1. Amendment Where any remuneration From the end of order of to any partner determined of the financial assessment of the in completed assessment of year in which the partner of a firm the firm is subsequently subsequent order so as to adjust the found not deductible under was passed in the income of the section 35(e) in terms of— case of the firm. partner corresponding to (a) assessment or the amount not reassessment of the firm; or deductible under (b) any reduction or section 35(e). enhancement made in the income of the firm under this section or section 287 or 359 or 363 or 365 or 368 or 377 or 378; or (c) any order passed under section 245D (4) of the Income-tax Act, 1961 (43 of 1961) on the application made by the firm. 2. Amendment Where the share of the From the end of order of member in the income of of the financial assessment of the association of persons year in which the the member of or body of individuals subsequent order
Sl.No. Actions Conditions Time A B C D an association of determined in completed was passed in persons or of a assessment is the case of the body of subsequently found not association or individuals; so included in the assessment body. as to include the of the member or, if share of the included, is not correct in member in the terms of— assessment or (a) assessment or the corrections reassessment of the thereof. association or body; (b) any reduction or enhancement made in the income of the association or body under this section or section 287 or 359 or 363 or 365 or 368 or 377 or 378; or (c) any order passed under section 245D (4) of the Income-tax Act, 1961 (43 of 1961) on the application made by the association or body. 3. Total income Where there is From the end of the assessee in recomputation of loss or of the financial respect of depreciation for any tax year in which the succeeding year order under year, and in consequence to or years referred section 279 was such recomputation, the to in column C, passed. total income of the assessee to be recomputed for the succeeding year or and necessary years to which the loss or amendment made consequent depreciation allowance has to proceedings been carried forward and initiated under set off under the provisions section 279 for of section 111(1) or 112(1)
Sl.No. Actions Conditions Time A B C D any tax year. or 113(2) or 115(1) is required to be recomputed. 4. The total Where in the assessment From the end income of the for any tax year,— of the year— transferor company for the (a) the capital gain (i) in which tax year referred arising from the transfer of a the capital asset to in column C, to capital asset is not charged was converted be recomputed under section 67 in terms of or treated as and necessary section 70(1)(c) or (d); stock-in-trade; or amendment (b) such gains are made. (ii) in which deemed under section the parent 71(1) as “Capital gains” of company or its the tax year in which the nominees or, the transfer took place at any holding time before the expiry of company ceased the period of eight years to hold the from the date of such whole of the transfer by reason of– share capital of (i) such capital asset the subsidiary being converted by the company. transferee company into, or being treated by it, as stock-in-trade of its business; or (ii) the parent company or its nominees or, the holding company ceasing to hold the whole of the share capital of the subsidiary company. 5. The order of Where in the assessment From the end of assessment to be for any tax year, a capital the financial amended; so as gain on transfer of original year in which the to exclude the asset, referred to in compensation capital gain not section 89 is charged to tax was received by chargeable to tax and within the period the assessee. under any of the extended under that sections referred section–– to in section 89. (a) the assessee acquires the new asset referred to in that
Sl.No. Actions Conditions Time A B C D section; or (b) deposits or invests such capital gain. 6. The order of Where in the assessment From the end assessment to be for any year, any deduction of the financial amended to under section 144 has not year in which allow deduction been allowed on the ground such income is so in respect of such that–– received in, or income or part brought into, (a) such income has thereof as is so not been received in India. received in, or convertible foreign brought into, exchange in India; or India.