Section 107 - Amendment of section 273AA. - Finance Act, 2016

Amendment of section 273AA. 107. In section 273AA of the Income-tax Act, after sub-section (3), the following subsection shall be inserted with effect from the 1st day of June, 2016, namely:- (3A) The order under sub-section (3), either accepting or rejecting the application in full or in part, shall be passed within a period of twelve months from the end of the month in which the application under the said sub-section is received by the Principal Commissioner or the Commissioner: Provided that no order rejecting the application, either in full or in part, shall be passed unless the assessee has been given an opportunity of being heard: Provided further that where any application is pending as on the 1st day of June, 2016, the order shall be passed on or before the 31st day of May, 2017. .