Amendment of section 149

In force Act 6 of 2022 As on 10 Oct 2026

Act 6 of 2022 Ministry Finance Cited by 1 provision

Section 47 of the Finance Act, 2022 deals with amendment of section 149. Amendment of section 149. 47. In section 149 of the Income-tax Act, in sub-section (1),— (i) | for clause (b), the following clause shall be substituted, namely:— "(b) if three years, but not more than ten years, have elapsed from the end of the relevant assessment year unless the Assessing Officer

Amendment of section 149.
47. In section 149 of the Income-tax Act, in sub-section (1),—
(i) for clause (b), the following clause shall be substituted, namely:—
"(b) if three years, but not more than ten years, have elapsed from the end of the relevant assessment year unless the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income chargeable to tax, represented in the form of—
(i) an asset;
(ii) expenditure in respect of a transaction or in relation to an event or occasion; or
(iii) an entry or entries in the books of account,
which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more:";
(ii) in the first proviso, for the words, brackets, letter and figure "such notice could not have been issued at that time on account of being beyond the time limit specified under the provisions of clause (b) of sub-section (1) of this section", the words, figures, letters and brackets "a notice under section 148 or section 153A or section 153C could not have been issued at that time on account of being beyond the time limit specified under the provisions of clause (b) of sub-section (1) of this section or section 153A or section 153C, as the case may be" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021;
(iii) after sub-section (1), the following sub-section shall be inserted, namely:—
"(1A) Notwithstanding anything contained in sub-section (1), where the income chargeable to tax represented in the form of an asset or expenditure in relation to an event or occasion of the value referred to in clause (b) of sub-section (1), has escaped the assessment and the investment in such asset or expenditure in relation to such event or occasion has been made or incurred, in more than one previous years relevant to the assessment years within the period referred to in clause (b) of sub-section (1), a notice under section 148 shall be issued for every such assessment year for assessment, reassessment or recomputation, as the case may be.".
Section 47, The Finance Act, 2022 (Act 6 of 2022).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Income-tax Act s. 149 Time limit for notices under sections 148 and 148A

Referred to by 1

s. 108 Amendment of section 47

Questions about Section 47

What does Section 47 of the Finance Act deal with?

Section 47 of the Finance Act is headed "Amendment of section 149". Amendment of section 149. 47. In section 149 of the Income-tax Act, in sub-section (1),— (i) | for clause (b), the following clause shall be substituted, namely:— "(b) if three years, but not more than ten years, have elapsed from the end of the relevant assessment year unless the Assessing Officer

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 2022 47, section 47 Finance Act 2022, 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.

What should I read with Section 47 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 149 (Time limit for notices under sections 148 and 148A), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2022 as Act 6 of 2022. 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

First Schedule. First Schedule9792 words
2. Income-tax6839 words
42. Amendment of section 144B3753 words
4. Amendment of section 103713 words
39. Insertion of new section 140B1269 words
31. Amendment of section 115TD965 words

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(i)		for clause (b), the following clause shall be substituted, namely:—
		"(b) if three years, but not more than ten years, have elapsed from the end of the relevant assessment year unless the Assessing Officer has in his possession books of account or other documents or evidence which reveal that the income chargeable to tax, represented in the form of—

(i)		an asset;
(ii)		expenditure in respect of a transaction or in relation to an event or occasion; or
(iii)		an entry or entries in the books of account,

		which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more:";
(ii)		in the first proviso, for the words, brackets, letter and figure "such notice could not have been issued at that time on account of being beyond the time limit specified under the provisions of clause (b) of sub-section (1) of this section", the words, figures, letters and brackets "a notice under section 148 or section 153A or section 153C could not have been issued at that time on account of being beyond the time limit specified under the provisions of clause (b) of sub-section (1) of this section or section 153A or section 153C, as the case may be" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021;
(iii)		after sub-section (1), the following sub-section shall be inserted, namely:—
		"(1A) Notwithstanding anything contained in sub-section (1), where the income chargeable to tax represented in the form of an asset or expenditure in relation to an event or occasion of the value referred to in clause (b) of sub-section (1), has escaped the assessment and the investment in such asset or expenditure in relation to such event or occasion has been made or incurred, in more than one previous years relevant to the assessment years within the period referred to in clause (b) of sub-section (1), a notice under section 148 shall be issued for every such assessment year for assessment, reassessment or recomputation, as the case may be.".