Other Amendments [Section 155] :
Where any assessment made in respect of any assessment year is required to be amended on account of any specific provisions in the Act mentioned hereunder, such an amending order can be passed at any time within 4 years from the end of the year in which such provision is attracted.
1. Where a partner is assessed in respect of any remuneration from a firm under section 28(v) and later in the assessment of the firm, such remuneration is found not deductible under section 40(b), the assessment order of the partner shall be amended to exclude such remuneration which is not deductible in the firm‘s case. This is in view of the proviso to clause (v) of section 28 which states that the remuneration disallowed in the firm‘s case cannot be charged to tax in the partner‘s case [Sub-section (1A)].
2. The amendment of the assessment of a member of an association of persons (AOP) consequent upon the assessment or reassessment or any enhancement or reduction in the income of the AOP as a result of an order in appeal, reference, revision or rectification or as a result of an order made by the Settlement Commission [Sub-section (2)].
3. Amendments resulting from any proceedings initiated under section 147 on account of recomputation of total income, where excessive loss or depreciation allowance had been allowed or losses had been set off and carried forward under the different heads [Sub-section (4)].
4. Recomputation of the total income of the assessee consequent upon deduction allowed in excess of expenditure actually incurred on approved programme of scientific research (Such deduction originally allowed to him but consequently withdrawn on the ground that the prescribed conditions have not been complied with) [Sub-section (5B)].
5. Under the provisions of section 47A, capital gains which were not charged to tax by virtue of section 47(iv) or (v) may be deemed to the chargeable in certain circumstances. The Assessing Officer may accordingly make an order of amendment at any time before the expiry of four years from the end of the previous year in which the relevant capital asset was converted into or treated as stock in trade or as the case may be the parent company ceasing to hold the entire share capital of the subsidiary company before 8 years from the date of transfer [Sub-section (7B)].
6. Where TDS/TCS certificates are not furnished alongwith the return of income and such certificates are produced before the Assessing Officer within two years from the end of the Assessment year in which the income covered by the TDS/TCS certificate is assessable [Subsection (14)].
However, such rectification under section 155(14) is possible only if the income from which tax has been deducted or the income on which tax has been collected has been disclosed in the return of income filed by the assessee for the relevant assessment year.
7. Where the Assessing Officer adopts stamp duty as full value of consideration under section 50C and later, such value is revised in any appeal or revision or reference [Sub-section (15)].
8. Where capital gains is recomputed on account of any reduction of any compensation in a compulsory acquisition by any Court, Tribunal, or any other authority, the Assessing Officer shall revise the assessment [Sub-section (16)].
9. Where deduction under section 80RRB is allowed and subsequent to the allowance of such deduction in respect of any patent, the Controller or the High Court passes an order under the Patents Act, 1970 revoking the patent or excluding the name of the assessee from the Patents Register as patentee in respect of that patent [Sub-section (17)].
Note – For the purpose of amending the order under any of the sub-sections (1A), (7B) or (16) or (17) of section 155, the time permissible is four years from the end of the year in which the event giving necessity to such amendment occurs.