Section 80 - Amendment of section 16 - Taxation Laws (Amendment) Act, 1984

80. Amendment of section 16. In section 16 of the Companies (Profits) Surtax 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 an order passed 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 of the Income-tax Act as applied by section 18 of this Act. ; (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 to be revised was passed. ,