Section 155(7)(ii) in The Income Tax Act, 1961

[Cites 0, Cited by 0] [Section 155(7)] [Section 155] [Entire Act]

Union of India - Subsection

Section 155(7)(ii) in The Income Tax Act, 1961

(ii)the parent company or its nominees or, as the case may be, the holding company ceasing to hold the whole of the share capital of the subsidiary company, at any time before the expiry of the period of eight years from the date of such transfer, the ] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][may, notwithstanding anything contained in this Act, recompute the total income of the transferrer 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.] [ Inserted by Act 67 of 1984, Section 30 (w.e.f. 1.4.1985).]

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Union of India - Subsection

Section 155(7)(ii) in The Income Tax Act, 1961