Section 18 - Substitution of New Section for Section 106 - Finance Act, 1975

18. Substitution of New Section for Section 106 In the Income-tax Act, for section 106, the following section shall be substituted, namely :- 106. Period of limitation for making orders under section 104. - No order under section 104 shall be made at any time after - (a) the expiry of - (i) four years from the end of the assessment year relevant to the previous year referred to in sub-section (1) of that section, where such assessment year is an assessment year commencing on or before the 1st day of April, 1974; (ii) two years from the end of the assessment year relevant to the previous year referred to in sub-section (1) of that section, where such assessment year is an assessment year commencing after the 1st day of April, 1974; or (b) the expiry of one year from the end of the financial year in which the assessment or re-assessment of the profits and gains of the previous year referred to in sub-section (1) of that section is made, whichever is later : Provided that the period of limitation specified in this section shall not apply in a case where the company has made an application to the Board under section 107A. .