9911796707
TMI BlogAmendment of section 153.X X X X Extracts X X X X X X X X Extracts X X X X ..... quence of an order under clause (b) of sub-section (2) of section 119, an order of assessment under section 143 or section 144 may be made at any time before the expiry of twelve months from the end of the financial year in which such return was furnished. ; (II) in sub-section (3), for the words and figures order under section 254 wherever they occur, the words and figures order under section 250 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , such period shall be extended to the end of such month. . - Clause 48 of the Bill seeks to amend section 153 of the Income-tax Act relating to time-limit for completion of assessment, reassessment and recomputation. Sub-section (1) of the said section provides that assessment under section 143 or section 144 shall be completed within twelve months from the end of the assessment year in which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the case may be. It is proposed to insert the reference to section 250 in the said sub-section in order to provide the time- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and eighty days) commencing from the date of initiation of search and ending on the date on which the books of accounts or documents or seized materials are handed over to the Assessing Officer is excluded while computing the period of limitation. It is proposed to insert sixth proviso in the said Explanation to provide that the date of limitation in such cases falls at the end of the month, afte ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
