Amendment of section 153

Section 37 of the Finance Act, 2006 deals with amendment of section 153. Amendment of section 153. 37. In section 153 of the Income-tax Act, with effect from the 1st day of June, 2006,— (a ) in sub-section (1), the following proviso shall be inserted, namely:— ‘ Provided that in case the assessment year in which the income was first assessable is the assessment year comm

Amendment of section 153.

37. In section 153 of the Income-tax Act, with effect from the 1st day of June, 2006,—

(a ) in sub-section (1), the following proviso shall be inserted, namely:—

‘ Provided that in case the assessment year in which the income was first assessable is the assessment year commencing on the 1st day of April, 2004 or any subsequent assessment year, the provisions of clause (a) shall have effect as if for the words "two years", the words "twenty-one months" had been substituted.’;

(b ) in sub-section (1A), for the words "two years", the words "twenty-one months" shall be substituted;

(c ) in sub-section (1B), for the words "one year", the words "nine months" shall be substituted;

(d ) in sub-section (2), after the proviso, the following proviso shall be inserted, namely:—

‘ Provided further that where the notice under section 148 was served on or after the 1st day of April, 2005, the provisions of this sub-section shall have effect as if for the words "one year", the words "nine months" had been substituted.’;

(e ) in sub-section (2A), after the proviso, the following proviso shall be inserted, namely:—

‘ Provided further that where the order under 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 Commissioner on or after the 1st day of April, 2005, the provisions of this sub-section shall have effect as if for the words "one year", the words "nine months" had been substituted.’.

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Section 37, The Finance Act, 2006.