Amendment of section 153.

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... a) for the words, brackets and figures sub-sections (1) and (2) , the words, brackets, figures and letter subsections (1), (1A) and (2) shall be substituted; (b) for the words Principal Commissioner or Commissioner at both the places where they occur, the words Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the case may be, shall be substituted; (IV) after sub-section (3), the following sub-section shall be inserted, namely: (3A) Notwithstanding anything contained in subsections (1), (1A), (2) and (3), where an assessment or reassessment is pending on the date of initiation of search under section 132 or making of requisition under section 132A, the period available for completion of assessm .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... -clause (a), after the words such audit , the words or inventory valuation shall be inserted; (b) in the first proviso, for the words, brackets and figures sub-sections (1), (2) , the words, brackets, figures and letter sub-sections (1), (1A), (2) shall be substituted. - Clause 72 of the Bill seeks to amend the section 153 of the Income-tax Act relating to time limit for completion of assessment, reassessment and recomputation. It is proposed to amend the third proviso to sub-section (1) to provide that the period of nine months specified therein to pass an order of assessment shall be applicable only to the assessment year commencing on 1st April, 2021. It is further proposed to insert a new proviso, so that an order of assessment relating .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n assessee to whom any books of account or documents seized or requisitioned pertains or pertain to, or any information contained therein, relates to. It is also proposed to amend sub-section (4) of the said section to provide that the provisions thereof shall also be applicable to cases covered by sub-sections (1A) and (3A) of section 153 of the Act. It is also proposed to amend sub-section (5) of the said section to provide that the provision of the said sub-section shall also be applicable to an order under section 263 or section 264 passed by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the case may be. It is also proposed to amend sub-section (6) of the said section to provide tha .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X