(1)4[Where, in respect of any completed assessment of a partner in a
firm for the assessment year commencing on the 1st day of April, 1992, or any earlier assessment year,] it
is found -
(a)on the assessment or reassessment of the firm, or
(b)on any reduction or enhancement made i n the income of the firm under this section, section
154, section 250, section 254, section 260, section 262, section 263 or section 264, 5[or]
5[(c) on any order passed under sub -section ( 4) of section 245D on the application made by the
firm,]
that the s hare of the partner in the income of the firm has not been included in the assessment of the
partner or, if included, is not correct, the 6[Assessing Officer] may amend the order of assessment of the
partner with a view to the inclusion of the share in the assessment or the correction thereof, as the case
may be; 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 7[from the end of the financial year i n which
the final order was passed] in the case of the firm.
8[(1A) Where in respect of any completed assessment of a firm it is found -
(a)on the assessment or reassessment of the firm, or
(b)on any reduction or enhancement made in the income of the firm under this section, section
154, section 250, section 254, section 260, section 262, section 263 or section 264, or
(c)on any order passed under sub -section ( 4) of section 245D on the application made by the
firm,
that any remuneration to any partner is not deductible under clause ( b) of section 40, the Assessing
Officer may amend the order of assessment of the partner with a view to adjusting the income of the
partner to the extent of the amount not so deductible ; 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 in the case of the firm.]
(2)Where in respect of any completed a ssessment of a member of an association of persons or of a
body of individuals it is found -
(a)on the assessment or reassessment of the association or body, or