India - Income Tax Act 2010 - Saarc

S. 153B I.T. ACT, 1961 1.68473[(2) If any proceeding initiated or any order of assessment or reassessmentmade under sub-section (1) has been annulled in appeal or any other legalproceeding, then, notwithstanding anything contained in sub-section (1) orsection 153, the assessment or reassessment relating to any assessment yearwhich has abated under the second proviso to sub-section (1), shall stand revivedwith effect from the date of receipt of the order of such annulment by theCommissioner:Provided that such revival shall cease to have effect, if such order of annulmentis set aside.]Explanation.—For the removal of doubts, it is hereby declared that,—(i) save as otherwise provided in this section, section 153B and section153C, all other provisions of this Act shall apply to the assessmentmade under this section;(ii) in an assessment or reassessment made in respect of an assessmentyear under this section, the tax shall be chargeable at the rate or ratesas applicable to such assessment year.Time-limit for completion of assessment under section 153A.153B. (1) Notwithstanding anything contained in section 153, the AssessingOfficer shall make an order of assessment or reassessment,—(a) in respect of each assessment year falling within six assessment yearsreferred to in clause (b) of 73 [sub-section (1) of] section 153A, withina period of two years from the end of the financial year in which thelast of the authorisations for search under section 132 or for requisitionunder section 132A was executed;(b) in respect of the assessment year relevant to the previous year inwhich search is conducted under section 132 or requisition is madeunder section 132A, within a period of two years from the end of thefinancial year in which the last of the authorisations for search undersection 132 or for requisition under section 132A was executed :74[Provided that in case of other person referred to in section 153C, the period oflimitation for making the assessment or reassessment shall be the period asreferred to in clause (a) or clause (b) of this sub-section or one year from the endof the financial year in which books of account or documents or assets seized orrequisitioned are handed over under section 153C to the Assessing Officerhaving jurisdiction over such other person, whichever is later:]75[Provided further that in the case where the last of the authorisations for searchunder section 132 or for requisition under section 132A was executed during thefinancial year commencing on the 1st day of April, 2004 or any subsequentfinancial year,—(i) the provisions of clause (a) or clause (b) of this sub-section shall haveeffect as if for the words “two years” the words “twenty-one months”had been substituted;73. Inserted by the Finance Act, 2008, w.r.e.f. 1-6-2003.74. Inserted by the Finance Act, 2005, w.r.e.f. 1-6-2003.75. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006.