India - Income Tax Act 2010 - Saarc

S. 153 I.T. ACT, 1961 1.678Provided that in so doing he shall not be entitled to reopen matters concluded byan order under section 154, 155, 260, 262, or 263.Time limit for completion of assessments and reassessments.153. 32 [(1) No order of assessment 33 shall be made under section 143 or section144 at any time after the expiry of—(a) two years from the end of the assessment year in which the incomewas first assessable ; or(b) one year from the end of the financial year in which a return or arevised return relating to the assessment year commencing on the 1stday of April, 1988, or any earlier assessment year, is filed under subsection(4) or sub-section (5) of section 139,whichever is later :]34[Provided that in case the assessment year in which the income was firstassessable is the assessment year commencing on the 1st day of April, 2004 orany subsequent assessment year, the provisions of clause (a) shall have effect asif for the words “two years”, the words “twenty-one months” had been substituted:]35[Provided further that in case the assessment year in which the income wasfirst assessable is the assessment year commencing on the 1st day of April, 2005or any subsequent assessment year and during the course of the proceeding forthe assessment of total income, a reference under sub-section (1) of section92CA—(i) was made before the 1st day of June, 2007 but an order under subsection(3) of that section has not been made before such date; or(ii) is made on or after the 1st day of June, 2007,the provisions of clause (a) shall, notwithstanding anything contained in the firstproviso, have effect as if for the words “two years”, the words “thirty-threemonths” had been substituted.]36[(1A) No order of assessment shall be made under section 115WE or section115WF at any time after the expiry of 37 [twenty-one months] from the end of theassessment year in which the fringe benefits were first assessable.32. Substituted by the Finance Act, 1989, w.e.f. 1-4-1989. Earlier sub-section (1) was substitutedby the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date.Prior to its substitution, sub-section (1) [as it stood before its substitution by the DirectTax Laws (Amendment) Act, 1987] was substituted by the Finance Act, 1968, w.e.f.1-4-1968 and later on amended by the Taxation Laws (Amendment) Act, 1984, w.e.f.1-10-1984.33. For the meaning of the expression “order of assessment”, see Taxmann’s Direct TaxesManual, Vol. 3.34. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006.35. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007.36. Sub-sections (1A) and (1B) inserted by the Finance Act, 2005, w.e.f. 1-4-2006.37. Substituted for “two years” by the Finance Act, 2006, w.e.f. 1-6-2006.