Assessment limitation period clarified: conclusion of proceedings tied to the time for making assessment under section 153. The amendment replaces the fixed two year deeming period in the Explanation to clause (b) of section 245A with a reference to the time specified for making assessments under subsection (1) of section 153, so that the point at which proceedings are regarded as concluded follows the assessment limitation regime rather than a calendar based two year rule.
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Assessment limitation period clarified: conclusion of proceedings tied to the time for making assessment under section 153.
The amendment replaces the fixed two year deeming period in the Explanation to clause (b) of section 245A with a reference to the time specified for making assessments under subsection (1) of section 153, so that the point at which proceedings are regarded as concluded follows the assessment limitation regime rather than a calendar based two year rule.
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