(7)Where, as a result of any proceeding under this Act, in the assessment for any year of a company in whose case an order under section 104 has been made for that year, it is necessary to recompute the distributable income of that company, the [Assessing Officer] [ Restored by Act 3 of 1989, Section 95 (w.e.f. 1.4.1989).] may proceed to recompute the distributable income and determine [the tax] [ Substituted by Act 10 of 1965, Section 39, for " the super-tax" (w.r.e.f. 1.4.1965).] payable on the basis of such recomputation 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 financial year in which the final order was passed] [ Substituted by Act 67 of 1984, Section 30, for " from the date of the final order passed" (w.e.f. 1.10.1984).] in the case of the company in respect of that proceeding.[* * *] [ Sub-Sections (7-A), (8), (8-A), (9), (9-A) and (10) omitted by Act 4 of 1988, Section 61 (w.e.f. 1.4.1992).][(7-B) Where, in the assessment for any year, the capital gain arising from the transfer of a capital asset is not charged under section 45 by virtue of the provisions of clause (iv) or, as the case may be, clause (v) of section 47, but is deemed under section 47-A to be income chargeable under the head "Capital gains" of the previous year in which the transfer took place by reason of-(i)such capital asset being converted by the transferee company into, or being treated by it, as stock-in-trade of its business; or(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).][* * *] [ Sub-Sections (7-A), (8), (8-A), (9), (9-A) and (10) omitted by Act 4 of 1988, Section 61 (w.e.f. 1.4.1992).][* * *] [ Sub-Sections (7-A), (8), (8-A), (9), (9-A) and (10) omitted by Act 4 of 1988, Section 61 (w.e.f. 1.4.1992).][* * *] [ Sub-Sections (7-A), (8), (8-A), (9), (9-A) and (10) omitted by Act 4 of 1988, Section 61 (w.e.f. 1.4.1992).][* * *] [ Sub-Sections (7-A), (8), (8-A), (9), (9-A) and (10) omitted by Act 4 of 1988, Section 61 (w.e.f. 1.4.1992).][* * *] [ Sub-Sections (7-A), (8), (8-A), (9), (9-A) and (10) omitted by Act 4 of 1988, Section 61 (w.e.f. 1.4.1992).][(10-A) Where in the assessment for any year, a capital gain arising from the transfer of a ] [Inserted by Act 29 of 1977, Section 25 (w.e.f. 1.4.1978).][long-term capital asset] [ Substituted by Act 11 of 1987, Section 74, for " capital asset, not being a short-term capital asset" (w.e.f. 1.4.1988).][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 54-E, the ] [Inserted by Act 29 of 1977, Section 25 (w.e.f. 1.4.1978).] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][shall amend the order of assessment so as to exclude the amount of the capital gain not chargeable to tax ] [Inserted by Act 29 of 1977, Section 25 (w.e.f. 1.4.1978).][under the provisions of sub-section (1) of section 54-E] [ Substituted by Act 19 of 1978, Section 19, for " under the provisions of section 54-E" (w.r.e.f. 1.4.1978).][, 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 ] [Inserted by Act 29 of 1977, Section 25 (w.e.f. 1.4.1978).][reckoned from the end of the financial year in which the assessment was made] [ Substituted by Act 67 of 1984, Section 30, for " reckoned from the date of assessment" (w.e.f. 1.10.1984).].[* * *] [ Sub-Sections (10-B) and (10-C) omitted by Act 4 of 1988, Section 61 (w.e.f. 1.4.1992).][* * *] [ Sub-Sections (10-B) and (10-C) omitted by Act 4 of 1988, Section 61 (w.e.f. 1.4.1992).]
