Section 155(4)(c) in The Income Tax Act, 1961

[Cites 0, Cited by 0] [Section 155(4)] [Section 155] [Entire Act]

Union of India - Subsection

Section 155(4)(c) in The Income Tax Act, 1961

(c)at any time before the expiry of ten years referred to in clause (b), the assessee utilises the amount credited to the reserve account under sub-section (4) of section 32-A-

(i)for distribution by way of dividends or profits; or

(i)in a case referred to in clause (a), from the end of the previous year in which the sale or other transfer took place;

(ii)in a case referred to in clause (b), from the end of the ten years referred to in that clause;

(iii)in a case referred to in clause (c), from the end of the previous year in which the amount was utilised.

(ii)for remittance outside India as profits or for the creation of any asset outside India; or

(iii)for any other purpose which is not a purpose of the business of the undertaking, the investment allowance originally allowed shall be deemed to have been wrongly allowed, and 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 assessee 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,- [Inserted by Act 66 of 1976, Section 21 (w.r.e.f. 1.4.1976).]

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Union of India - Subsection

Section 155(4)(c) in The Income Tax Act, 1961