Section 48 - Amendment of section 153 - Finance Act, 2007

Amendment of section 153. 48. In section 153 of the Income-tax Act, with effect from the 1st day of June, 2007,— (a) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:— Provided further that in case the assessment year in which the income was first assessable is the assessment year commencing on the 1st day of April, 2005 or any subsequent assessment year and during the course of the proceeding for the assessment of total income, a reference under sub-section (1) of section 92CA— (i) was made before the 1st day of June, 2007 but an order under sub-section (3) of that section has net been made before such date; or (ii) is made on or after the 1st day of June, 2007, the provisions of clause (a) shall, notwithstanding anything contained in the first proviso, have effect as if for the words "two years", the words "thirty-three months" had been substituted. ; (b) in sub-section (2), after the second proviso, the following proviso shall be inserted, namely: — 'Provided also that where the notice under section 148 was served on or after the 1st day of April, 2006 and during the course of the proceedings for the assessment or reassessment or recomputation of total income, a reference under sub-section (1) of section 92CA— (i) was made before the 1st day of June, 2007 but an order under sub-section (3) of that section has not been made before such .date; or (ii) is made on or after the 1st day of June, 2007, the provisions of this sub-section shall, notwithstanding anything contained in the second proviso, have effect as if for the words "one year", the words "twenty-one months" had been substituted."; (c) in sub-section (2A), after the second proviso, the following proviso shall be inserted, namely:— 'Provided also that where the order under section 254 is received by the Chief Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Commissioner on or after the 1st day of April, 2006, and during the course of the proceedings for the fresh assessment of total income, a reference under sub-section (1) of section 92CA— (i) was made before the 1st day of June, 2007 but an order under sub-section (3) of section 92CA has not been made before such date; or (ii) is made on or after the 1st day of June, 2007, the provisions of this sub-section shall, notwithstanding anything contained in the second proviso, have effect as if for the words "one year", the words twenty-one months" had been substituted.'.