Section 155(5)(c) in The Income Tax Act, 1961

[Cites 0, Cited by 0] [Section 155(5)] [Section 155] [Entire Act]

Union of India - Subsection

Section 155(5)(c) in The Income Tax Act, 1961

(c)for any other purpose which is not a purpose of the business of the undertaking, the development rebate 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 from the end of the previous year in which the sale or transfer took place or the money was so utilised.

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Union of India - Subsection

Section 155(5)(c) in The Income Tax Act, 1961