Time limit for assessments: assessment deadlines adjusted where returns follow specific orders, with revival and limitation rules clarified. Amendments to section 153 add sub section (1B) permitting assessment within twelve months from the end of the financial year when a return follows an order under clause (b) of sub section (2) of section 119; insert reference to section 250 in sub section (3) to align Commissioner (Appeals) set aside cases with the twelve month fresh assessment period; expand sub section (8) cross references to cover revival linked to block assessment provisions; and add a proviso to Explanation 1 extending limitation to the month end where exclusion under clause (xii) causes the limitation to otherwise end before month end.
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Time limit for assessments: assessment deadlines adjusted where returns follow specific orders, with revival and limitation rules clarified.
Amendments to section 153 add sub section (1B) permitting assessment within twelve months from the end of the financial year when a return follows an order under clause (b) of sub section (2) of section 119; insert reference to section 250 in sub section (3) to align Commissioner (Appeals) set aside cases with the twelve month fresh assessment period; expand sub section (8) cross references to cover revival linked to block assessment provisions; and add a proviso to Explanation 1 extending limitation to the month end where exclusion under clause (xii) causes the limitation to otherwise end before month end.
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