Section 49 - Amendment of section 281B - Finance Act, 1988

49. Amendment of section 281B In section 281B of the Income-tax Act, - (a) in sub-section (1), the following Explanation shall be inserted at the end, namely :- Explanation : For the purposes of this sub-section, proceedings under sub-section (5) of section 132 shall be deemed to be proceedings for the assessment of any income or for the assessment or reassessment of any income which has escaped assessment. ; (b) in sub-section (2), after the first proviso, the following proviso shall be inserted, namely :- Provided further that where an application for settlement under section 245C is made, the period commencing from the date on which such application is made and ending with the date on which an order under sub-section (1) of section 245D is made shall be excluded from the period specified in the preceding proviso.