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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2012 extends reassessment period under Section 149 for foreign assets from 4 to 16 years.</h1> Section 149 of the Income-tax Act was amended effective July 1, 2012, by the Finance Act, 2012. In sub-section (1), clause (c) was added to address cases where income related to assets outside India has escaped assessment, extending the time limit for reassessment from four to sixteen years. Sub-section (3) was amended to extend the reassessment period from two to six years. An explanation was added to clarify that these amendments apply to any assessment year starting on or before April 1, 2012.
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