Deemed commencement of assessment proceedings clarified: notice of reassessment or return filing now fixes commencement or expiry.

The amendment clarifies that reassessment proceedings are deemed to commence on the date a statutory reassessment notice is issued, and that other assessment years which could have been covered are likewise deemed commenced from that notice date if their returns were filed. It also provides that ordinary assessment proceedings commence on the date the return is furnished or filed in response to a statutory information notice and conclude on assessment or on expiry of a two-year limitation where no assessment is made.

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