India - Income Tax Act 2010 - Saarc

1.679 CH. XIV - PROCEDURE FOR ASSESSMENT S. 153(1B) No order of assessment or reassessment shall be made under section115WG after the expiry of 38 [nine months] from the end of the financial year inwhich the notice under section 115WH was served.]39[(2) No order of assessment, reassessment or recomputation shall be madeunder section 147 after the expiry of 40 [one year] from the end of the financialyear in which the notice under section 148 was served :41[Provided that where the notice under section 148 was served on or after the1st day of April, 1999 but before the 1st day of April, 2000, such assessment,reassessment or recomputation may be made at any time up to the 31st day ofMarch, 2002 :]42[Provided further that where the notice under section 148 was served on orafter the 1st day of April, 2005, the provisions of this sub-section shall have effectas if for the words “one year”, the words “nine months” had been substituted :]43[Provided also that where the notice under section 148 was served on or afterthe 1st day of April, 2006 and during the course of the proceedings for theassessment or reassessment or recomputation of total income, a reference undersub-section (1) of section 92CA—(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 this sub-section shall, notwithstanding anything contained inthe second proviso, have effect as if for the words “one year”, the words “twentyonemonths” had been substituted.]44[(2A) Notwithstanding anything contained in sub-sections (1) 45 [, (1A), (1B)] and(2), in relation to the assessment year commencing on the 1st day of April, 1971,38. Substituted for “one year” by the Finance Act, 2006, w.e.f. 1-6-2006.39. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.40. Substituted for “two years” by the Finance Act, 2001, w.e.f. 1-6-2001.41. Proviso substituted, ibid. Prior to its substitution, proviso read as under :“Provided that where the notice under section 148 was served on or before the 31st dayof March, 1987, such assessment, reassessment or recomputation may be made at anytime up to the 31st day of March, 1990.”42. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006.43. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007.44. Substituted by the Finance Act, 2001, w.e.f. 1-6-2001. Prior to its substitution, sub-section(2A), as inserted by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971 and lateron amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988, read asunder :“(2A) Notwithstanding anything contained in sub-sections (1) and (2), in relation to theassessment year commencing on the 1st day of April, 1971, and any subsequent assessmentyear, an order of fresh assessment under section 146 or in pursuance of an order,under section 250, section 254, section 263 or section 264, setting aside or cancelling anassessment, may be made at any time before the expiry of two years from the end of thefinancial year in which the order under section 146 cancelling the assessment is passed bythe Assessing Officer or the order under section 250 or section 254 is received by the ChiefCommissioner or Commissioner or, as the case may be, the order under section 263 orsection 264 is passed by the Chief Commissioner or Commissioner.”45. Inserted by the Finance Act, 2005, w.e.f. 1-4-2006.