(6)(a)Any person, whether or not he has furnished a return under sub-section (1) or (4) or (5) for a tax year, may furnish an updated return of his income or the income of any other person in respect of which he is assessable under this Act, at any time within forty-eight months from the end of the financial year succeeding the relevant tax year;(b)the provisions of clause (a) shall continue to apply for a tax year if any person has sustained a loss in the said tax year and has furnished a return of loss within the due date specified under sub-section (1) and the updated return is a return of income;(c)the provisions of clause (a) shall not apply for a tax year for any person, if––(i)the updated return is a return of loss for the said tax year; or(ii)the updated return has the effect of decreasing the total tax liability determined on the basis of return furnished under sub-section (1) or (4) or (5) for the said tax year; or(iii)the updated return results in refund where no refund was due or increases the refund due on the basis of return furnished under sub-section (1) or (4) or (5) for the said tax year; or(iv)an updated return has already been furnished for the said tax year; or(v)any proceeding for assessment or reassessment or recomputation or revision of income under this Act is pending or has been completed for the said tax year; or(vi)the Assessing Officer is in the possession of information in respect of such person for the said tax year regarding violation of specified laws and the same has been communicated to him prior to the date of furnishing of updated return; or(vii)information for the said tax year has been received under an agreement referred to in section 90 or 90A of Income-tax Act, 1961 or section 159 of this Act in respect of such person and the same has been communicated to him, prior to the date of furnishing of updated return; or(viii)any prosecution proceedings under the Chapter XXII have been initiated for the said tax year in respect of such person, prior to the date of furnishing of updated return; or(ix)thirty-six months have expired from the end of the financial year succeeding the relevant tax year, and any notice to show-cause under section 281 has been issued in his case, except where an order has been passed under section 281(3) determining that it is not a fit case to issue notice under section 280; or(x)he is such person or belongs to such class of persons, as may be notified by the Board in this regard;(d)a person shall also not be eligible to furnish an updated return of income, where—(i)a search has been initiated under section 247 or books of account or other documents or any assets are requisitioned under section 248 in the case of that person; or(ii)a survey has been conducted under section 253, other than sub-section (4) of the said section, in the case of that person; or(iii)a notice has been issued under section 294 in pursuance to the provisions of section 295, to that person,for the tax year in which such search is initiated or survey is conducted or requisition is made and any tax year preceding such tax year;(e)if a person has furnished a return of income under clause (a) for a tax year, and as a result the loss or any part thereof carried forward under Chapter VII or unabsorbed depreciation carried forward under section 33(3)(b) or tax credit carried forward under sections 206(1)(m) to (p) and 206(2)(e) to (h) is to be reduced for any subsequent tax year, then, an updated return shall be furnished for each such subsequent tax year.
