Assessment time limits fixed as a limited post-assessment-year period for initiating assessment and reassessment orders. The amendment establishes a two-year statutory limitation for ordinary assessment orders measured from the end of the assessment year in which the income was first assessable, and imposes a two-year limitation for assessment, reassessment or re-computation following service of a reassessment notice measured from the end of the financial year in which that notice was served, subject to a transitional extension for notices served on or before 31st March, 1987. Clause (iv) of Explanation 1 is omitted.
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Provisions expressly mentioned in the judgment/order text.
Assessment time limits fixed as a limited post-assessment-year period for initiating assessment and reassessment orders.
The amendment establishes a two-year statutory limitation for ordinary assessment orders measured from the end of the assessment year in which the income was first assessable, and imposes a two-year limitation for assessment, reassessment or re-computation following service of a reassessment notice measured from the end of the financial year in which that notice was served, subject to a transitional extension for notices served on or before 31st March, 1987. Clause (iv) of Explanation 1 is omitted.
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