Section 47 - Amendment of section 263 - Taxation Laws (Amendment) Act, 1984

47. Amendment of section 263. In section 263 of the Income-tax Act, with effect from the 1st day of October, 1984, (a) in sub-section (1), the following Explanation shall be inserted at the end, namely: Explanation. For the removal of doubts, it is hereby declared that, for the purposes of this sub-section, an order passed by the Income-tax Officer shall include (a) an order of assessment made on the basis of directions issued by the Inspecting Assistant Commissioner under section 144A or section 144B; and (b) an order made by the Inspecting Assistant Commissioner in exercise of the powers or in performance of the functions of an Income-tax Officer conferred on, or assigned to, him under clause (a) of sub-section (1) of section 125 or under sub-section (1) of section 125A. ; (b) for sub-section (2), the following sub-section shall be substituted, namely: (2) No order shall be made under sub-section (1) after the expiry of two years from the end of the financial year in which the order sought revised was passed to be. .