Amendment of section 153A
Section 47 of the Finance Act, 2021 deals with amendment of section 153A. Amendment of section 153A. 47. In section 153A of the Income-tax Act, in sub-section (1), in the opening portion, after the words, figures and letters "after the 31st day of May, ", the words, figures and letters "but on or before the 31st day of March, " shall be inserted.
Amendment of section 153A.
47. In section 153A of the Income-tax Act, in sub-section (1), in the opening portion, after the words, figures and letters "after the 31st day of May, 2003", the words, figures and letters "but on or before the 31st day of March, 2021" shall be inserted.
Section 47, The Finance Act, 2021.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Related judgements & precedents
These are some judgments that construed this section, and hold precedence value. They hold authority on how to read, interpret and use this section.
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Union Of India vs Rajeev Bansal
Court's Decision & Legal Precedent
After 1 April 2021, when Finance Act 2021 substitutes Sections 147-151 of Income Tax Act, the new regime applies to reassessment proceedings for past assessment years. However, the TOLA extended time limits (till 30 June 2021) continue to apply to reassessment notices that fall for completion between 20 March 2020 and 31 March 2021. The reassessment notices issued under the old regime between 1 April 2021 and 30 June 2021 are deemed to have been issued as show-cause notices under the new regime with effect from their original date of issuance. The surviving time limit for issuing reassessment notices under the new regime in pursuance of such deemed notices is the balance of days between the original issuance date and 30 June 2021 (the TOLA extended deadline). All reassessment notices issued under the new regime beyond the surviving time limit calculated under the Income Tax Act read with TOLA are time-barred and liable to be set aside.
On this section: Substitution of Sections 147-151 of Income Tax Act with effect from 1 April 2021; new regime for reassessment with stricter procedural requirements
The holding above is the ratio decidendi as extracted from the judgment by eCourts India, reproduced unaltered — it is a rendering of the court's reasoning, not a substitute for its words. Read the order itself before relying on it.
Questions about Section 47
What have the courts held on Section 47 of the Finance Act?
Union Of India vs Rajeev Bansal (03 Oct 2024) is the leading judgment on this section among those set out below: Substitution of Sections 147-151 of Income Tax Act with effect from 1 April 2021; new regime for reassessment with stricter procedural requirements.
How do I find court cases under Section 47 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2021 47, section 47 Finance Act 2021, section 47 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome. 1 reported judgment on this section is set out on this page, beginning with Union Of India vs Rajeev Bansal (03 Oct 2024).
What should I read with Section 47 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 153A (Assessment in case of search or requisition), so none of them can safely be read on its own. 4 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2021. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- Fourth Schedule. Fourth Schedule26628 words
- First Schedule. First Schedule9574 words
- 2. Income-tax5993 words
- 6. Amendment of section 103582 words
- 130. Substitution of new section for section 43513 words
- 131. Substitution of new section for section 52699 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.