Period of limitation in case the application before settlement commission is withdrawn u/s 245M(1) - 4th & 5th Proviso to Section 153 - Income Tax - Ready Reckoner - Income Tax

Period of limitation in case the application before settlement commission is withdrawn u/s 245M(1) - 4th 5th Proviso to Section 153 4th Proviso to Section 153 - Where the assessee exercises the option to withdraw the application u/s 245M(1) , the period of limitation available under section 153 to AO for making an order of assessment, reassessment or recomputation, as the case may be shall, after the exclusion of the period u/s 153(5) , be not less than 1 year; and where such period of limitation is less than 1 year, it shall be deemed to have been extended to 1 year. 5th Proviso to Section 153 - For the purpose of determining the period of limitation u/s 149 , 154 and 155 , and for the purpose of payment of interest u/s 244A , the provision of 4th proviso shall apply accordingly.