Amendment of section 149.

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..... the following clause shall be inserted, namely: (c) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment. ; (B) in sub-section (3), for the words two years , the words six years shall be substit .....

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..... ause (c) to the aforesaid sub-section so as to provide that if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment. The existing provisions of sub-section (3) of the aforesaid section 149 provide .....

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..... rovisions of sub-sections (1) and (3) of this section as amended by the Finance Act 2012, shall also be applicable to the proceedings initiated under this section for any assessment year beginning on or before 1st April, 2012. These amendments will take effect from 1st day of July, 2012. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Managemen .....

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