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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 2012 amends Section 153A of Income-tax Act, empowering rules for exempting certain assessment notices.</h1> Clause 64 of the Finance Bill, 2012, amends section 153A of the Income-tax Act concerning assessments during search or requisition. The amendment introduces a third proviso allowing the Central Government to establish rules, published in the Official Gazette, specifying cases where the Assessing Officer is exempt from issuing notices for assessing or reassessing income for the six years preceding the assessment year in which a search or requisition occurs. This provision excludes cases where assessments have abated under the second proviso and is effective from July 1, 2012.
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