Substitution of new section for section 106

Section 18 of the Finance Act, 1975 deals with substitution of new section for section 106. Substitution of new section for section 106 18. The Act was enacted on 09 May 1975.

Substitution of new section for section 106

18. In the Income-tax Act, for section 106, the following section shall be substituted, namely:—

Period of limitation for making orders under section 104

106. No order under section 104 shall be made at any time after—

(a) the expiry of—

(i) four years from the end of the assessment year relevant to the previous year referred to in sub-section (1) of that section, where such assessment year is an assessment year commencing on or before the 1st day of April, 1974;

(ii) two years from the end of the assessment year relevant to the previous year referred to in sub-section (1) of that section, where such assessment year is an assessment year commencing after the 1st day of April, 1974; or

(b) the expiry of one year from the end of the financial year in which the assessment or re-assessment of the profits and gains of the previous year referred to in sub-section (1) of that section is made,

whichever is later:

Provided that the period of limitation specified in this section shall not apply in a case where the company has made an application to the Board under section 107A.".

[Finance Act, 1975]

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Section 18, The Finance Act, 1975 (Act 25 of 1975).