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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 149: Action barred after four years unless escaped income exceeds one lakh within six years.</h1> Section 149 of the Income-tax Act is amended by the Finance Act, 2001, effective June 1, 2001. The amendment replaces clauses (a) and (b) in sub-section (1). Clause (a) now states that action cannot be initiated if four years have passed since the end of the relevant assessment year, unless clause (b) applies. Clause (b) allows action if between four and six years have passed, provided the escaped income chargeable to tax amounts to or is likely to amount to one lakh rupees or more for that year.
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