{"act":{"id":"finance-act-2012","short_title":"The Finance Act, 2012","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2012-2013.","act_number":null,"act_year":2012,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":121,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2012/"},"unit":"section","section":{"number":"70","heading":"Amendment of section 154","text":"Amendment of section 154. 70. In section 154 of the Income-tax Act, with effect from the 1st day of July, 2012,— (a) in sub-section (1), after clause (b), the following clause shall be inserted, namely:— \"(c) amend any intimation under sub-section (1) of section 200A.\"; (b) in sub-section (2), in clause (b), for the words \"by the assessee\", the words \"by the assessee or by the deductor,\" shall be substituted; (c) in sub-section (3), for the words \"the assessee\", wherever they occur, the words \"the assessee or the deductor\" shall respectively be substituted; (d) for sub-section (5), the following sub-section shall be substituted, namely:— \"(5) Where any such amendment has the effect of reducing the assessment or otherwise reducing the liability of the assessee or the deductor, the Assessing Officer shall make any refund which may be due to such assessee or the deductor.\"; (e) in sub-section (6), for the words \"already made, the Assessing Officer shall serve on the assessee\", the words \"already made or otherwise increasing the liability of the assessee or the deductor, the Assessing Officer shall serve on the assessee or the deductor, as the case may be\" shall be substituted; (f) in sub-section (8), for the words \"by the assessee\", the words \"by the assessee or by the deductor\" shall be substituted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 154.</b></p><p><b>70.</b> In section 154 of the Income-tax Act, with effect from the 1st day of July, 2012,—</p><p>(<i>a</i>) in sub-section (1), after clause (<i>b</i>)<i>, </i>the following clause shall be inserted, namely:—</p><p>\"(<i>c</i>) amend any intimation under sub-section (1) of section 200A.\";</p><p>(<i>b</i>) in sub-section (2), in clause (<i>b</i>)<i>, </i>for the words \"by the assessee\", the words \"by the assessee or by the deductor,\" shall be substituted;</p><p>(<i>c</i>) in sub-section (3), for the words \"the assessee\", wherever they occur, the words \"the assessee or the deductor\" shall respectively be substituted;</p><p>(<i>d</i>) for sub-section (5), the following sub-section shall be substituted, namely:—</p><p>\"(5) Where any such amendment has the effect of reducing the assessment or otherwise reducing the liability of the assessee or the deductor, the Assessing Officer shall make any refund which may be due to such assessee or the deductor.\";</p><p>(<i>e</i>) in sub-section (6), for the words \"already made, the Assessing Officer shall serve on the assessee\", the words \"already made or otherwise increasing the liability of the assessee or the deductor, the Assessing Officer shall serve on the assessee or the deductor, as the case may be\" shall be substituted;</p><p>(<i>f</i>) in sub-section (8), for the words \"by the assessee\", the words \"by the assessee or by the deductor\" shall be substituted.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":223,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2012/section/70/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}