Section 72 - Amendment of section 148. - Finance Act, 2023

Amendment of section 148. 72 . In section 148 of the Income-tax Act, (a) for the words such period, as may be specified in such notice , the words a period of three months from the end of the month in which such notice is issued, or such further period as may be allowed by the Assessing Officer on the basis of an application made in this regard by the assessee shall be substituted; (b) after the second proviso and before Explanation 1, the following proviso shall be inserted, namely: Provided also that any return of income, required to be furnished by an assessee under this section and furnished beyond the period allowed shall not be deemed to be a return under section 139. .