Income Tax Act, 2025
Section 8: Ins. by Act 18 of 1992, s. 62 (w.e.f. 11993).
8. Ins. by Act 18 of 1992, s. 62 (w.e.f. 11993).
599
(b) on any reduction or enhancement made in the income of the association or body under this
section, section 154, section 250, section 254, section 260, section 262, section 263 or section 264,
1[or]
1[(c) on any order passed under sub-section (4) of section 245D on the application made by the
association or body,]
that the share of the member in the income of the association or body, as the case may be, has not been
included in the assessment of the member or, if included, is not correct, the 2[Assessing Officer] may
amend the order of assessment of the member with a view to the inclusion of the share in the assessment
or the correction 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 3[from
the end of the financial year in which the final order was passed] in the case of the association or body, as
the case may be.
4* * * * *
(4) Where as a result of proceedings initiated under section 147, a loss or depreciation has been
recomputed and in consequence thereof it is necessary to recompute the total income of the assessee for
the succeeding year or years to which the loss or depreciation allowance has been carried forward and set
off under the provisions of sub-section (1) of section 72, or sub-section (2) of section 73, or 5[sub-section
(1) or sub-section (3) of section 74], 6[or sub-section (3) of section 74A], the 2[Assessing Officer] may
proceed to recompute the total income 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 period of four
years specified in sub-section (7) of that section being reckoned 7[from the end of the financial year in
which the order was passed] under section 147.
8[(4A) Where an allowance by way of investment allowance has been made wholly or partly to an
assessee in respect of a ship or an aircraft or any machinery 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 the previous year in which the
ship or aircraft was acquired or the machinery or plant was installed, the ship, aircraft, machinery or
plant is sold or otherwise transferred by the assessee to any person other than the Government, a local
authority, a corporation established by a Central, State or Provincial Act or a Government company
as defined in section 617 of the Companies Act, 1956 (1 of 1956), or in connection with any
amalgamation or succession referred to in sub-section (6) or sub-section (7) of section 32A; or
(b) at any time before the expiry of ten years from the end of the previous year in which the ship
or aircraft was acquired or the machinery or plant was installed, the assessee does not utilise the
amount credited to the reserve account under sub-section (4) of section 32A for the purposes of
acquiring a new ship or a new aircraft or new machinery or plant [other than machinery or plant of
the nature referred to in clauses (a), (b) and (d) of9[the second proviso] to sub-section (1) ofsection
32A] for the purposes of the business of the undertaking; or
(c) at any time before the expiry of ten years referred to in clause (b) the assesseeutilises the
amount credited to the reserve account under sub-section (4) of section 32A—
(i) for distribution by way of dividends or profits; or
(ii) for remittance outside India as profits or for the creation of any asset outside India ; or
on any reduction or enhancement made in the income of the association or body under this
section, section 154, section 250, section 254, section 260, section 262, section 263 or section 264,
1[or]
1[
on any order passed under sub-section
of section 245D on the application made by the
association or body,]
that the share of the member in the income of the association or body, as the case may be, has not been
included in the assessment of the member or, if included, is not correct, the 2[Assessing Officer] may
amend the order of assessment of the member with a view to the inclusion of the share in the assessment
or the correction 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
of that section being reckoned 3[from
the end of the financial year in which the final order was passed] in the case of the association or body, as
the case may be.
4* * * * *
Where as a result of proceedings initiated under section 147, a loss or depreciation has been
recomputed and in consequence thereof it is necessary to recompute the total income of the assessee for
the succeeding year or years to which the loss or depreciation allowance has been carried forward and set
off under the provisions of sub-section
of section 72, or sub-section
of section 73, or 5[sub-section
or sub-section
of section 74], 6[or sub-section
of section 74A], the 2[Assessing Officer] may
proceed to recompute the total income 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 period of four
years specified in sub-section
of that section being reckoned 7[from the end of the financial year in
which the order was passed] under section 147.
8[
Where an allowance by way of investment allowance has been made wholly or partly to an
assessee in respect of a ship or an aircraft or any machinery or plant in any assessment year under section
32A and subsequently—
at any time before the expiry of eight years from the end of the previous year in which the
ship or aircraft was acquired or the machinery or plant was installed, the ship, aircraft, machinery or
plant is sold or otherwise transferred by the assessee to any person other than the Government, a local
authority, a corporation established by a Central, State or Provincial Act or a Government company
as defined in section 617 of the Companies Act, 1956 (1 of 1956), or in connection with any
amalgamation or succession referred to in sub-section
or sub-section
of section 32A; or
at any time before the expiry of ten years from the end of the previous year in which the ship
or aircraft was acquired or the machinery or plant was installed, the assessee does not utilise the
amount credited to the reserve account under sub-section
of section 32A for the purposes of
acquiring a new ship or a new aircraft or new machinery or plant [other than machinery or plant of
the nature referred to in clauses
and
of9[the second proviso] to sub-section
ofsection
32A] for the purposes of the business of the undertaking; or
at any time before the expiry of ten years referred to in clause
the assesseeutilises the
amount credited to the reserve account under sub-section
of section 32A—
for distribution by way of dividends or profits; or
for remittance outside India as profits or for the creation of any asset outside India ; or