Central Government specifies that the time limit of 3 years for sale of attached immovable property under rule 68B of Schedule II to the Income-tax Act, 1961 is to be extended to 4 years from the end of the financial year u/s 119(2)(a) - S.O.164(E) - Income Tax

Central Government specifies that the time limit of 3 years for sale of attached immovable property under rule 68B of Schedule II to the Income-tax Act, 1961 is to be extended to 4 years from the end of the financial year u/s 119(2)(a) NOTIFICATION NO. S.O.164 ( E ) DATED 1-3-1996 In exercise of the powers conferred by clause ( a ) of sub-section (2) of section 119 of the Income-tax Act, 1961 (43 of 1961), read with rule 111B of the Income-tax Rules, 1962, the Central Government hereby specifies that the time limit of 3 years for sale of attached immovable property under rule 68B of Schedule II to the Income-tax Act, 1961 (43 of 1961), is to be extended to 4 years from the end of the financial year in which the order giving rise to a demand of any tax, interest, fine, penalty or any other sum for the recovery of which immovable property has been attached, has become conclusive under the provisions of section 245-I or, as the case may be, final in terms of provisions of Chapter XX. The rule 68B stands amended to that extent. (Sd.) S. N. Shende, Member (R A) and Additional Secretary to the Government of India. [No. 9995/F. No. 275/138/95-IT(B)]