Clause 173 - Amendment of section 24. - Finance (No. 2) Bill, 2019

Amendment of section 24. 173. In section 24 of the principal Act, with effect from the 1st day of September, 2019,- (a) in sub-section (3), for the words, brackets and figure from the date of issue of notice under sub-section (1) , the words, brackets and figure from the last day of the month in which the notice under sub-section (1) is issued shall be substituted; (b) in sub-section (4), for the words, brackets and figure from the date of issue of notice under sub-section (1) , the words, brackets and figure from the last day of the month in which the notice under sub-section (1) is issued shall be substituted; (c) the following Explanation shall be inserted, namely:-- Explanation . For the purposes of this section, in computing the period of limitation, the period during which the proceeding is stayed by an order or injunction of any court shall be excluded: Provided that where immediately after the exclusion of the aforesaid period, the period of limitation referred to in sub-section (4) available to the Initiating Officer for passing order of attachment is less than thirty days, such remaining period shall be deemed to be extended to thirty days: Provided further that where immediately after the exclusion of the aforesaid period, the period of limitation referred to in sub-section (5) available to the Initiating Officer to refer the order of attachment to Adjudicating Authority is less than seven days, such remaining period shall be deemed to be extended to seven days. .