India - Income Tax Act 2010 - Saarc

1.681 CH. XIV - PROCEDURE FOR ASSESSMENT S. 153finding or direction 52 contained in an order under section 250, 254,260, 262, 263, or 264 53 [or in an order of any court in a proceedingotherwise than by way of appeal or reference under this Act] ;(iii) where, in the case of a firm, an assessment is made on a partner of thefirm in consequence of an assessment made on the firm under section147.54[(4) Notwithstanding anything contained in the foregoing provisions of thissection, sub-section (2) of section 153A and sub-section (1) of section 153B, theorder of assessment or reassessment, relating to any assessment year, whichstands revived under sub-section (2) of section 153A, shall be made within oneyear from the end of the month of such revival or within the period specified inthis section or sub-section (1) of section 153B, whichever is later.]55[Explanation 1.—In computing the period of limitation for the purposes of thissection—(i) the time taken in reopening the whole or any part of the proceedingor in giving an opportunity to the assessee to be re-heard under theproviso to section 129, or(ii) the period during which the assessment proceeding 56 is stayed by anorder or injunction of any court, or57[(iia) the period commencing from the date on which the Assessing Officerintimates the Central Government or the prescribed authority, thecontravention of the provisions of clause (21) or clause (22B) or clause(23A) or clause (23B) or sub-clause (iv) or sub-clause (v) or sub-clause(vi) or sub-clause (via) of clause (23C) of section 10, under clause (i)of the proviso to sub-section (3) of section 143 and ending with thedate on which the copy of the order withdrawing the approval orrescinding the notification, as the case may be, under those clauses isreceived by the Assessing Officer,] or*(iii) the period commencing from the date on which the 58 [Assessing]Officer directs the assessee to get his accounts audited under subsection(2A) of section 142 and ending with 59 [the last date on whichthe assessee is required to furnish] a report of such audit under thatsub-section, or52. For the meaning of the term “finding or direction”, see Taxmann’s Direct Taxes Manual,Vol. 3.53. Inserted by the Direct Taxes (Amendment) Act, 1964, w.e.f. 6-10-1964.54. Inserted by the Finance Act, 2008, w.r.e.f. 1-6-2003.55. Substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-1-1976 as regardsclauses (i), (ii) and (iv) and w.e.f. 1-4-1976 as regards clauses (iii) and (v).56. For the meaning of the expression “assessment proceeding”, see Taxmann’s Direct TaxesManual, Vol. 3.57. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003.58. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.59. Substituted for “the date on which the assessee furnishes” by the Finance (No. 2) Act, 1996,w.e.f. 1-4-1997.*‘or’ is added by Editors.