Limitation period reduced: statutory period under section 277A shortened from three years to two years for assessments. Amendment reduces the statutory limitation in section 277A of the Income-tax Act by substituting the words "three years" with "two years", effective from ... Summary
Limitation period reduced: statutory period under section 277A shortened from three years to two years for assessments.
Amendment reduces the statutory limitation in section 277A of the Income-tax Act by substituting the words "three years" with "two years", effective from 1 July 2012, thereby shortening the period within which the specified assessment mechanism may be initiated.
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