Clause 37 - Amendment of section 153 - Finance Bill, 2013

Amendment of section 153 37. In section 153 of the Income-tax Act, in Explanation 1, (a) for clause (iii), the following clause shall be substituted with effect from the 1st day of June, 2013, namely: (iii) the period commencing from the date on which the Assessing Officer directs the assesse to get his accounts audited under sub-section (2A) of section 142 and (a) ending with the last date on which the assessee is required to furnish a report of such audit under that sub-section; or (b) where such direction is challenged before a court, ending with the date on which the order setting aside such direction is received by the Commissioner,or ; (b) for clause (viii), the following clause shall be substituted with effect from the 1st day of June, 2013, namely: (viii) the period commencing from the date on which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information requested is last received by the Commissioner or a period of one year, whichever is less, ; (c) clause (ix) shall be omitted; (d) in clause (viii), at the end, the word or and after clause (viii), the following clause shall be inserted with effect from the 1st day of April, 2016, namely: (ix) the period commencing from the date on which a reference for declaration of an arrangement to be an impermissible avoidance arrangement is received by the Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction under subsection (3) or sub-section (6) or an order under sub-section (5) of the said section is received by the Assessing Officer, .