Amendment of section 153B

Section 68 of the Finance Act, 2012 deals with amendment of section 153B. Amendment of section 153B. 68. In section 153B of the Income-tax Act,— (I) in sub-section (1) with effect from the 1st day of July, 2012,— (i) in the second proviso, for the words, figures and letters "on the 1st day of April, 2004 or any subsequent financial year", the words, figures and letters "o

Amendment of section 153B.

68. In section 153B of the Income-tax Act,—

(I) in sub-section (1) with effect from the 1st day of July, 2012,—

(i) in the second proviso, for the words, figures and letters "on the 1st day of April, 2004 or any subsequent financial year", the words, figures and letters "on or after the 1st day of April, 2004 but before the 1st day of April, 2010" shall be substituted;

(ii) in the third proviso for the words, figures and letters "on the 1st day of April, 2005 or any subsequent financial year", the words, figures and letters "on or after the 1st day of April, 2005 but before the 1st day of April, 2009" shall be substituted;

(iii) after the third proviso, the following proviso shall be inserted, namely:—

'Provided also that in case where the last of the authorisations for search under section 132 or for requisition under section 132A was executed during the financial year commencing on the 1st day of April, 2009 or any subsequent financial year and during the course of the proceedings for the assessment or reassessment of total income, a reference under sub-section (1) of section 92CA—

(i) was made before the 1st day of July, 2012, but an order under sub-section (3) of section 92CA has not been made before such date; or

(ii) is made on or after the 1st day of July, 2012,

the provisions of clause (a) or clause (b) of this sub-section, shall, notwithstanding anything contained in clause (i) of the second proviso, have effect as if for the words "two years", the words "three years" had been substituted.';

(iv) in the fourth proviso for the words, figures and letters "on the 1st day of April, 2005 or any subsequent financial year", the words, figures and letters "on or after the 1st day of April, 2005 but before the 1st day of April, 2009" shall be substituted;

(v) after the fourth proviso, the following proviso shall be inserted, namely:—

"Provided also that in case where the last of the authorisations for search under section 132 or for requisition under section 132A was executed during the financial year commencing on the 1st day of April, 2009 or any subsequent financial year and during the course of proceedings for the assessment or reassessment of total income in case of other person referred to in section 153C, a reference under sub-section (1) of section 92CA—

(i) was made before the 1st day of July, 2012 but an order under sub-section (3) of section 92CA has not been made before such date; or

(ii) is made on or after the 1st day of July, 2012,

the period of limitation for making the assessment or reassessment in case of such other person shall, notwithstanding anything contained in clause (ii) of the second proviso, be the period of thirty-six months from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132A was executed or twenty-four months from the end of the financial year in which books of account or documents or assets seized or requisitioned are handed over under section 153C to the Assessing Officer having jurisdiction over such other person, whichever is later.";

(II) in the Explanation,—

(a) in clause (viii), for the words "six months", the words "one year" shall be substituted with effect from the 1st day of July, 2012;

(b) after clause (viii) and before the words "shall be excluded", the following clause shall be inserted with effect from the 1st day of April, 2013, namely:—

"(ix) the period commencing from the date on which a reference for declaration of an arrangement to be impermissible avoidance arrangement is received by the Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction under sub-section (3) or sub-section (6) or an order under sub-section (5) of the said section is received by the Assessing Officer,".

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Section 68, The Finance Act, 2012.