Reopening period limit for corporate books now capped, subject to government direction allowing longer retention periods. The amendment inserts 'any other person concerned' into the proviso to the relevant provision, expanding who may seek directions, and adds a new sub section prohibiting orders to re-open books of account for periods earlier than eight financial years preceding the current year, with an exception where a government direction requires longer retention, permitting reopening within that extended period.
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Reopening period limit for corporate books now capped, subject to government direction allowing longer retention periods.
The amendment inserts "any other person concerned" into the proviso to the relevant provision, expanding who may seek directions, and adds a new sub section prohibiting orders to re-open books of account for periods earlier than eight financial years preceding the current year, with an exception where a government direction requires longer retention, permitting reopening within that extended period.
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