Section 31 - Amendment of section 153 - Taxation Laws (Amendment) Act, 1970

31. Amendment of section 153. In section 153 of the Income-tax Act,- (a) after sub-section (2), the following sub-section shall be inserted, namely:- (2A) Notwithstanding anything contained in sub-sections (1) and (2), in relation to the assessment year commencing on the 1st day of April, 1971, and any subsequent assessment year, an order of fresh assessment under section 146 or in pursuance of an order, under section 250, section 254, section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of two years from the end of the financial year in which the order under section 146 cancelling the assessment is passed by the Income-tax Officer or the order under section 250 or section 254 is received by the Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Commissioner. ; (b) in sub-section (3), after the words assessments, reassessments and re-computations which may , the words, brackets, figure and letter , subject to the provisions of sub-section (2A), shall be inserted.