Income Tax Act, 2025
Section 8: Ins. by Act 67 of 1984, s. 30 (w.e.f. 11985).
8. Ins. by Act 67 of 1984, s. 30 (w.e.f. 11985).
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at any time before the expiry of the period of eight years from the date of such transfer, the Assessing
Officer may, notwithstanding anything contained in this Act, recompute the total income of the transferor
company for the relevant previous year 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 from the end of the previous year in which the capital asset was so converted or
treated or in which the parent company or its nominees or, as the case may be, the holding company
ceased to hold the whole of the share capital of the subsidiary company.]
1* * * * *
2[(10A) Where in the assessment for any year, a capital gain arising from the transfer of a 3[long-term
capital asset], is charged to tax and within a period of six months after the date of such transfer, the
assessee has made any investment or deposit in any specified asset within the meaning of Explanation
1 to sub-section (1) of section 54E, the 4[Assessing Officer] shall amend the order of assessment so as to
exclude the amount of the capital gain not chargeable to tax 5[under the provisions of sub-section (1)
of section 54E]; 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 6[reckoned from the end of the financial year in
which the assessment was made].]
7* * * * *
8[(11) Where in the assessment for any year, a capital gain arising from the transfer of any original
asset as is referred to in section 54H is charged to tax and within the period extended under that section
the assessee acquires the new asset referred to in that section or, as the case may be, deposits or invests
the amount of such capital gain within the period so extended, the Assessing Officer shall amend the
order of assessment so as to exclude the amount of the capital gain not 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 period of four years specified in sub-section (7) of section 154 being reckoned from the end of
the previous year in which the compensation was received by the assessee.
9[(11A) Where in the assessment for any year, the deduction under section 10A or section
10B or section 10BA has not been allowed on the ground that such income has not been received in
convertible foreign exchange in India, or having been received in convertible foreign exchange outside
India, or having been converted into convertible foreign exchange outside India, has not been brought into
India, by or on behalf of the assessee with the approval of the Reserve Bank of India or such other
authority as is authorised under any law for the time being in force for regulating payments and dealings
in foreign exchange and subsequently such income or part thereof has been or is received in, or brought
into, India in the manner aforesaid, the Assessing Officer shall amend the order of assessment so as to
allow deduction under section 10A or section 10B or section 10BA, as the case may be, in respect of such
income or part thereof as is so received in, or brought into, India, and the provisions of section 154 shall,
so far as may be, apply thereto, and the period of four years shall be reckoned from the end of the
previous year in which such income is so received in, or brought into, India.]
(12) Where in the assessment for any year commencing before the 1st day of April, 1988, the
deduction under section 80-O in respect of any income, being the whole or any part of income by way of
royalty, commission, fees or any similar payment as is referred to in that section, has not been allowed on
the ground that such income has not been received in convertible foreign exchange in India, or having
been received in convertible foreign exchange outside India, or having been converted into convertible
1. Sub-sections (8), (8A), (9), (9A) and (10) omitted by Act 4 of 1988, s. 61 (w.e.f. 11992).
of that
section being reckoned from the end of the previous year in which the capital asset was so converted or
treated or in which the parent company or its nominees or, as the case may be, the holding company
ceased to hold the whole of the share capital of the subsidiary company.]
1* * * * *
2[
Where in the assessment for any year, a capital gain arising from the transfer of a 3[long-term
capital asset], is charged to tax and within a period of six months after the date of such transfer, the
assessee has made any investment or deposit in any specified asset within the meaning of Explanation
1 to sub-section
of section 54E, the 4[Assessing Officer] shall amend the order of assessment so as to
exclude the amount of the capital gain not chargeable to tax 5[under the provisions of sub-section
of section 54E]; 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 6[reckoned from the end of the financial year in
which the assessment was made].]
7* * * * *
8[
Where in the assessment for any year, a capital gain arising from the transfer of any original
asset as is referred to in section 54H is charged to tax and within the period extended under that section
the assessee acquires the new asset referred to in that section or, as the case may be, deposits or invests
the amount of such capital gain within the period so extended, the Assessing Officer shall amend the
order of assessment so as to exclude the amount of the capital gain not 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 period of four years specified in sub-section
of section 154 being reckoned from the end of
the previous year in which the compensation was received by the assessee.
9[
Where in the assessment for any year, the deduction under section 10A or section
10B or section 10BA has not been allowed on the ground that such income has not been received in
convertible foreign exchange in India, or having been received in convertible foreign exchange outside
India, or having been converted into convertible foreign exchange outside India, has not been brought into
India, by or on behalf of the assessee with the approval of the Reserve Bank of India or such other
authority as is authorised under any law for the time being in force for regulating payments and dealings
in foreign exchange and subsequently such income or part thereof has been or is received in, or brought
into, India in the manner aforesaid, the Assessing Officer shall amend the order of assessment so as to
allow deduction under section 10A or section 10B or section 10BA, as the case may be, in respect of such
income or part thereof as is so received in, or brought into, India, and the provisions of section 154 shall,
so far as may be, apply thereto, and the period of four years shall be reckoned from the end of the
previous year in which such income is so received in, or brought into, India.]
Where in the assessment for any year commencing before the 1st day of April, 1988, the
deduction under section 80-O in respect of any income, being the whole or any part of income by way of
royalty, commission, fees or any similar payment as is referred to in that section, has not been allowed on
the ground that such income has not been received in convertible foreign exchange in India, or having
been received in convertible foreign exchange outside India, or having been converted into convertible
1. Sub-sections
and
omitted by Act 4 of 1988, s. 61 (w.e.f. 11992).