Amendment of section 25

Section 71 of the Finance Act, 1998 deals with amendment of section 25. Amendment of section 25. 71. In section 25 of the Wealth-tax Act, with effect from the 1st day of October, 1998,— (a ) after sub-section (3), the following sub-section shall be inserted, namely :— "(3A) On every application made by an assessee for revision under sub-section (1), an order shall be pa

Amendment of section 25.

71. In section 25 of the Wealth-tax Act, with effect from the 1st day of October, 1998,—

(a ) after sub-section (3), the following sub-section shall be inserted, namely :—

"(3A) On every application made by an assessee for revision under sub-section (1), an order shall be passed by the Commissioner within one year from the end of financial year in which such application is made by the assessee for revision.

Explanation.—In computing the period of limitation for the purposes of this sub-section, the time taken in giving an oppor­tunity to the assessee to be re-heard under the proviso to sec­tion 39 and any period during which any proceeding under this section is stayed by an order or injunction of any court shall be excluded.";

(b ) for sub-section (4), the following sub-section shall be substituted, namely :—

"(4) Notwithstanding anything contained in sub-section (3) or sub-section (3A), an order in revision under sub-section (1) or sub-section (2) may be passed at any time in consequence of, or to give effect to, any finding or direction contained in an order of Appellate Tribunal, the High Court or the Supreme Court.".

© Copyright. Taxmann Publications Pvt. Ltd.

Section 71, The Finance Act, 1998.