(1)[Where, in respect of any completed assessment of a partner in a firm for the assessment year commencing on the 1st day of April, 1992, or any earlier assessment year,] [ Substituted by Act 18 of 1992, Section 62, for " Where, in respect of any completed assessment of a partner in a firm" (w.e.f. 1.4.1993).] it is found-(a)on the assessment or reassessment of the firm, or(b)on any reduction or enhancement made in the income of the firm under this section, section 154, section 250, section 254, section 260, section 262, section 263 or section 264, or(c)[ on any order passed under sub-section (4) of section 245-D on the application made by the firm,] [ Inserted by Act 67 of 1984, Section 30 (w.e.f. 1.10.1984).] that the share of the partner in the income of the firm has not been included in the assessment of the partner or, if included, is not correct, the Assessing Officer may amend the order of assessment of the partner 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 [from the end of the financial year in which the final order was passed] [ Substituted by Act 67 of 1984, Section 30, for " from the date of final order passed" (w.e.f. 1.10.1984).] in the case of the firm.[(1-A) Where in respect of any completed assessment of a firm it is found-(a)on the assessment or reassessment of the firm, or(b)on any reduction or enhancement made in the income of the firm under this section, section 154, section 250, section 254, section 260, section 262, section 263 or section 264, or(c)on any order passed under sub-section (4) of section 245-D on the application made by the firm, that any remuneration to any partner is not deductible under clause (b) of section 40, the Assessing Officer may amend the order of assessment of the partner with a view to adjusting the income of the partner to the extent of the amount not so deductible; 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 financial year in which the final order was passed in the case of the firm.]
