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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2016 amends Section 249 of Income-tax Act; updates proviso wording and adds new exclusion rule.</h1> Section 249 of the Income-tax Act was amended by the Finance Act, 2016, effective April 1, 2017. In sub-section (2), clause (b), the amendment changes the wording in the proviso, replacing 'excluded, or' with 'excluded:'. Additionally, a new proviso is added, stating that if an application is made under subsection (1) of section 270AA, the period from the application date to when the order rejecting the application is served on the assessee will be excluded.
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