The Assessing Officer, may carry out such actions as are specified in column B of the Table below for reasons mentioned therein, subject to the conditions as specified in column C, within four years (except serial number 12) referred to in section 287(8) which shall be reckoned from the time as specified in column D, and the provisions of section 287 shall, so far as may be, apply to such amendment:—
| Sl. No. | Actions | Conditions | Time |
| 1 | Amendment of order of assessment of the partner of a firm to adjust the income of the partner corresponding to the amount not deductible under section 35(f) | Where any remuneration to any partner determined in a completed assessment of the firm is subsequently found not deductible under section 35(f) due to: | From the end of the financial year in which the subsequent order was passed in the case of the firm. |
| (a) Assessment or reassessment of the firm; | |||
| (b) Any reduction or enhancement made in the income of the firm under this section or sections 287, 356, 363, 365, 368, 377, or 378; | |||
| (c) Any order passed under section 245D(4) of the Income-tax Act, 1961, on the application made by the firm. | |||
| 2 | Amendment of order of assessment of the member of an association of persons or of a body of individuals; so as to include the share of the member in the assessment or the corrections thereof. | Where the share of the member in the income of the association of persons or body of individuals determined in completed assessment is subsequently found not included in the assessment of the member or, if included, is not correct in terms of: | From the end of the financial year in which the subsequent order was passed in the case of the association or body. |
| (a) assessment or reassessment of the association or body; | |||
| (b) any reduction or enhancement made in the income of the association or body under this section or sections 287, 359, 363, 365, 368, or 377; | |||
| (c) any order passed under section 245D (4) of the Income-tax Act, 1961 (43 of 1961) on the application made by the association or body. | |||
| 3 | Total income of the assessee in respect of succeeding year or years referred to in column C, to be recomputed and necessary amendment made consequent to proceedings initiated under section 279 for any tax year. | (a) Recomputation of loss or depreciation; and | From the end of the financial year in which the order under section 279 was passed. |
| (b) in consequence to such recomputation, recompute the total income of the assessee for the succeeding year or years to which the loss or depreciation allowance has been carried forward and set off under the provisions of section 112(1), 113(2), 111(1) & (2), or 115(1). | |||
| 4 | The total income of the transferor company for the tax year referred to in column C, to be recomputed and necessary amendment made. | Where in the assessment for any tax year, | From the end of the year in which the capital asset was converted or treated as stock-in-trade. |
| (a) the capital gain arising from the transfer of a capital asset is not charged under section 67 in terms of section 70(1)(c) or (d). | |||
| 5 | The order of assessment to be amended; so as to exclude the capital gain not chargeable to tax under any of the sections referred to in section 89. | Where in the assessment for any tax year, a capital gain on transfer of original asset, referred to in section 89, is charged to tax and within the period extended under that section: | From the end of the financial year in which the compensation was received by the assessee. |
| (a) the assessee acquires the new asset referred to in that section; or | |||
| (b) deposits or invests such capital gain. | |||
| 6 | The order of assessment to be amended – to allow deduction in respect of such income or part thereof as is so received in, or brought into, India. | Where in the assessment for any year, any deduction under section 144 has not been allowed on the ground that: | From the end of the financial year in which such income is so received in, or brought into, India. |
| (a) such income has not been received in convertible foreign exchange in India; or | |||
| (b) such income is not brought into India. | |||
| 7 | The order of assessment or any intimation or deemed intimation under section 270(1) to be amended, to give credit for income-tax for the year in which such income is offered to tax or assessed to tax in India. | Where in the assessment for any tax year or in any intimation or deemed intimation under section 270(1) for any tax year: | From the end of the month in which the dispute is settled. |
| (a) credit for income-tax paid in any country outside India or a specified territory outside India referred to in Chapter IX-B has not been given on the ground that the payment of such tax was under dispute; and | |||
| (b) subsequently such dispute is settled; and the assessee, within six months from the end of the month in which the dispute is settled, furnishes to the Assessing Officer: | |||
| (i) evidence of settlement of dispute and | |||
| (ii) evidence of payment of such tax. | |||
| 8 | The order of assessment to be amended to compute the capital gain by taking the full value of the consideration to be the value as so revised in appeal or revision or reference. | Where, in the assessment for any year, a capital gain arising from the transfer of a capital asset, being land or building or both, is computed: | From the end of the financial year in which the order revising the value was passed in appeal or revision or reference. |
| (a) by taking the full value of the consideration received or accruing as a result of the transfer to be the value adopted or assessed by any authority of a State Government for the purpose of payment of stamp duty as per section 78(1); and | |||
| (b) subsequently such value is revised in any appeal or revision or reference referred to in section 78(2)(b). | |||
| 9 | The order of assessment to be amended to compute the capital gain by taking the compensation or consideration as so reduced by the court, Tribunal, or any other authority to be the full value of consideration. | Where in the assessment for any year, a capital gain arising from the transfer of a capital asset being a transfer referred to in clause (b) is computed: | From the end of the financial year in which the order reducing the compensation was passed by the court, Tribunal or other authority. |
| (i) by taking the compensation or consideration as referred to in section 67(12)(a) or, as the case may be, the compensation or consideration enhanced or further enhanced as referred to in section 67(12)(b), to be the full value of consideration deemed to be received or accruing as a result of the transfer of the asset; and | |||
| (ii) subsequently such compensation or consideration is reduced by any court, Tribunal or other authority. | |||
| 10 | Amendment to total income to disallow the deduction allowed under section 152. | Where a deduction has been allowed to an assessee in any tax year under section 152 in respect of any patent, and subsequently by an order of the Controller or the High Court under the Patents Act, 1970 (39 of 1970): | From the end of the financial year in which the order of the Controller under section 2(1)(b), or the High Court under section 2(1)(i), of the Patents Act, 1970 (39 of 1970), was passed. |
| (a) the patent was revoked, or | |||
| (b) the name of the assessee was excluded from the patents register as patentee in respect of that patent, the deduction from the income by way of royalty attributable to the period during which the patent had been revoked or the period for which the name of the assessee was excluded as patentee in respect of that patent, shall be deemed to have been wrongly allowed. | |||
| 11 | Amendment of the order of assessment or any intimation to allow credit of such tax deducted at source in the tax year referred to in column C, and the credit of such tax deducted at source not to be allowed in any other tax year. | (a) Where any income has been included in the return of income furnished by an assessee under section 263 for any tax year, and tax on such income has been deducted at source and paid to the credit of the Central Government as per the provisions of Chapter XIXB in a subsequent tax year; and | From the end of the financial year in which such tax has been deducted. |
| (b) an application is made by an assessee in such form, as prescribed, within two years from the end of the tax year in which such tax was deducted at source. | |||
| 12 | The order of assessment or any intimation or deemed intimation under section 271 to be amended for two consecutive tax years to give effect to the order passed under section 166(6) or directions issued under section 275(5). | Where the Transfer Pricing Officer under section 166(9) declares the option of the assessee, for determining the arm’s length price of similar international or specified domestic transactions for the two consecutive tax years immediately following the relevant tax year, as valid. | Within three months from the end of the month in which the assessment is completed for the relevant tax year or three months from the end of the month in which the order of assessment or intimation is made. |
| (i) Within three months from the end of the month in which the assessment is completed in the case of the assessee for the relevant tax year, and section 165(7) and (8) is applicable. | |||
| (ii) If the order of assessment or any intimation or deemed intimation under section 270(1), for the two consecutive tax years is not made within the said three months, such recomputation shall be made within three months from the end of the month in which such order of assessment or intimation or deemed intimation, is made. |