{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"48","heading":"Amendment of section 153B","text":"Amendment of section 153B. 48. In section 153B of the Income-tax Act, in the Explanation,— (a) | in clause (vi), for the words \"Authority for Advance Rulings\", the words \"Authority for Advance Rulings or before the Board for Advance Rulings\" shall be substituted; (b) | in clause (vii), for the words \"Authority for Advance Rulings\", the words \"Authority for Advance Rulings or before the Board for Advance Rulings\" shall be substituted; (c) | after the third proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of February, 2021, namely:— \"Provided also that where the assessee exercises the option to withdraw the application under sub-section (1) of section 245M, the period of limitation available under this section to the Assessing Officer for making an order of assessment or reassessment, as the case may be, shall, after the exclusion of the period under sub-section (5) of the said section, be not less than one year; and where such period of limitation is less than one year, it shall be deemed to have been extended to one year.\".","html":"<p><b>Amendment of section 153B.</b></p><p><b>48.</b> In section 153B of the Income-tax Act, in the <i>Explanation,</i>—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>vi</i>), for the words \"Authority for Advance Rulings\", the words \"Authority for Advance Rulings or before the Board for Advance Rulings\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in clause (<i>vii</i>), for the words \"Authority for Advance Rulings\", the words \"Authority for Advance Rulings or before the Board for Advance Rulings\" shall be substituted;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>after the third proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of February, 2021, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided also </b>that where the assessee exercises the option to withdraw the application under sub-section (1) of section 245M, the period of limitation available under this section to the Assessing Officer for making an order of assessment or reassessment, as the case may be, shall, after the exclusion of the period under sub-section (5) of the said section, be not less than one year; and where such period of limitation is less than one year, it shall be deemed to have been extended to one year.\".</td></tr></table></div>","words":187,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/48/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}