{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"73","heading":"Amendment of section 149","text":"Amendment of section 149. 73.  In section 149 of the Income-tax Act, in sub-section (1),— (I) | after the second proviso, the following provisos shall be inserted, namely:— \"Provided also that for cases referred to in clauses (i), (iii) and (iv) of Explanation 2 to section 148, where,— (a) | a search is initiated under section 132; or (b) | a search under section 132 for which the last of authorisations is executed; or (c) | requisition is made under section 132A, after the 15th day of March of any financial year and the period for issue of notice under section 148 expires on the 31st day of March of such financial year, a period of fifteen days shall be excluded for the purpose of computing the period of limitation as per this section and the notice issued under section 148 in such case shall be deemed to have been issued on the 31st day of March of such financial year: Provided also that where the information as referred to in Explanation 1 to section 148 emanates from a statement recorded or documents impounded under section 131 or section 133A, as the case may be, on or before the 31st day of March of a financial year, in consequence of,— (a) | a search under section 132 which is initiated; or (b) | a search under section 132 for which the last of authorisations is executed; or (c) | a requisition made under section 132A, after the 15th day of March of such financial year, a period of fifteen days shall be excluded for the purpose of computing the period of limitation as per this section and the notice issued under clause (b) of section 148A in such case shall be deemed to have been issued on the 31st day of March of such financial year:\"; (II) | in the sixth proviso, for the words \"less than seven days\", the words \"does not exceed seven days\" shall be substituted.","html":"<p><b>Amendment of section 149.</b></p><p><b>73. </b> In section 149 of the Income-tax Act, in sub-section (1),—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>after the second proviso, the following provisos shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided also</b> that for cases referred to in clauses (<i>i</i>), (<i>iii</i>) and (<i>iv</i>) of <i>Explanation 2</i> to section 148, where,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>a search is initiated under section 132; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>a search under section 132 for which the last of authorisations is executed; or</td></tr><tr><td>(<i>c</i>)</td><td></td><td>requisition is made under section 132A,</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>after the 15th day of March of any financial year and the period for issue of notice under section 148 expires on the 31st day of March of such financial year, a period of fifteen days shall be excluded for the purpose of computing the period of limitation as per this section and the notice issued under section 148 in such case shall be deemed to have been issued on the 31st day of March of such financial year:</td></tr><tr><td></td><td></td><td><b>Provided also</b> that where the information as referred to in <i>Explanation 1</i> to section 148 emanates from a statement recorded or documents impounded under section 131 or section 133A, as the case may be, on or before the 31st day of March of a financial year, in consequence of,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>a search under section 132 which is initiated; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>a search under section 132 for which the last of authorisations is executed; or</td></tr><tr><td>(<i>c</i>)</td><td></td><td>a requisition made under section 132A,</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>after the 15th day of March of such financial year, a period of fifteen days shall be excluded for the purpose of computing the period of limitation as per this section and the notice issued under clause (<i>b</i>) of section 148A in such case shall be deemed to have been issued on the 31st day of March of such financial year:\";</td></tr><tr><td>(<i>II</i>)</td><td></td><td>in the sixth proviso, for the words \"less than seven days\", the words \"does not exceed seven days\" shall be substituted.</td></tr></table></div>","words":329,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/73/","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."}