Section 47 - Amendment of section 158BE - Finance (No. 2) Act, 1996

47. Amendment of section 158BE In section 158BE of the Income-tax Act, after sub-section (2), the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of July, 1995, namely :- Explanation : In computing the period of limitation for the purposes of this section, the period - (i) during which the assessment proceeding is stayed by an order or injunction of any court, or (ii) commencing from the day on which the Assessing Officer directs the assessee to get his accounts audited under sub-section (2A) of section 142 and ending on the day on which the assessee is required to furnish a report of such audit under that sub-section, shall be excluded. .