Section 46 - Amendment of section 153. - Finance Act, 2021

Amendment of section 153. 46. In section 153 of the Income-tax Act,- (i) in sub-section (1), after the second proviso, the following proviso shall be inserted, namely: Provided also that in respect of an order of assessment relating to the assessment year commencing on or after the 1st day of April, 2021, the provisions of this sub-section shall have effect, as if for the words twenty-one months , the words nine months had been substituted. ; (ii) in Explanation 1,- (a) in clause (viii), for the words Authority for Advance Rulings , the words Authority for Advance Rulings or before the Board for Advance Rulings shall be substituted; (b) in clause (ix), for the words Authority for Advance Rulings , the words Authority for Advance Rulings or before the Board for Advance Rulings shall be substituted; (c) after the third proviso, the following provisos shall be inserted and shall be deemed to have been inserted with effect from the 1st day of February, 2021, namely:- Provided also that where the assessee exercises the option to withdraw the application under sub-section (1) of section 245M, the period of limitation available under this section to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case may be, shall, after the exclusion of the period under sub-section (5) of the said section, be not less than one year; and where such period of limitation is less than one year, it shall be deemed to have been extended to one year: Provided also that for the purposes of determining the period of limitation under sections 149, 154 and 155, and for the purposes of payment of interest under section 244A, the provisions of the fourth proviso shall apply accordingly. .