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A company formed and registered in India with the main object of carrying on the business of operation of ships. The provision of this section should be allowed to deduct an amount debited to the profit and loss account of the previous year.

Tape or any other form of electro-magnetic data storage device business includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. More clarity can be gathered at 12a registration.

How to proceed if the assessee asserts that the Supreme Court or the High Court is now debating a similar legal issue.

When a registered firm is evaluated or an unregistered firm is evaluated under the terms of a clause in section 183 for the assessment year beginning on April 1st, 1992, or any earlier assessment year, the assessing officer must give the firm written notice of the amount of its total income evaluated and the allocation of that amount among the various partners.

When an assessee has been given a deduction for a patent during any assessment year under section 80RRB, and later by a judgment of the Commissioner or the High Court under the Patents Act of 1970, the assessee's name was removed from the patents registry as the patentee for the patent or the patent was cancelled, the reduction from the income by means of royalties related to the time the patent was cancelled or the ti

The state government shall produce the certificate before the assessing officer within two years from the end of the assessment year, in which income is assessable, the assessing officer shall amend the order or any intimation or deemed intimation under a sub-section, as the case may be, and the provisions of the section shall apply. 

Any order made by the Assessing Officer occasionally may contain an error. In this case, an error that is clear from the record may be corrected in accordance with section 154. In this section, the rules for correcting errors under Section 154 are covered.

In spite of anything stated in Sections 139, 147, 148, 149, 151, and 153, in the event of a person where a search is commenced under Section 132 or books of account, other papers, or other assets are requisitioned under Section 132A after the 31st day of May 2003, the assessing officer shall—

If, after the aforementioned time or period, the period of limitation mentioned in various subsections that the assessing officer has available to make an order of evaluation, reevaluation, or recomputation, as the case may be, is less than sixty days, the leftover period will be increased to sixty days, and the aforementioned period of limitation shall be deemed to be extended in accordance with this extension.

Income that has been excluded from the income tax assessment of a certain taxpayer is referred to as income evading assessment. The income tax department may start the legal procedures in a case of income evasion if specific incomes have been exempt from taxation, assessed at a lower rate, or disproportionate losses or allowances have been made.