Amendment of section 153

Section 64 of the Finance Act, 2001 deals with amendment of section 153. Amendment of section 153. 64. In section 153 of the Income-tax Act, with effect from the 1st day of June, 2001,— (a) in sub-section (2),— (i) for the words "two years", the words "one year" shall be substituted;

Amendment of section 153.

64. In section 153 of the Income-tax Act, with effect from the 1st day of June, 2001,—

(a) in sub-section (2),—

(i) for the words "two years", the words "one year" shall be substituted;

(ii) for the proviso, the following proviso shall be substi­tuted, namely:—

"Provided that where the notice under section 148 was served on or after the 1st day of April, 1999 but before the 1st day of April, 2000, such assessment, reassessment or recomputation may be made at any time up to the 31st day of March, 2002.";

(b) for sub-section (2A), the following sub-section shall be substituted, namely:—

"(2A) Notwithstanding anything contained in sub-sections (1) and (2), in relation to the assessment year commencing on the 1st day of April, 1971, and any subsequent assessment year, an order of fresh assessment in pursuance of an order under section 250 or section 254 or section 263 or section 264, setting aside or cancel­ling an assessment, may be made at any time before the expiry of one year from the end of the financial year in which the order under section 250 or section 254 is received by the Chief Commis­sioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Chief Commissioner or Commissioner:

Provided that where the order under section 250 or section 254 is received by the Chief Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Chief Commissioner or Commissioner, on or after the 1st day of April, 1999 but before the 1st day of April, 2000, such an order of fresh assessment may be made at any time up to the 31st day of March, 2002.";

(c) in sub-section (3), clause (i) shall be omitted.

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Section 64, The Finance Act, 2001.