Assessment limitation reduced to a two-year time-bar with transitional extensions for certain pending wealth-tax matters. Substitution of section 17A shortens assessment limitation periods: assessment under section 16 and assessment/reassessment under section 17 are subject to a two-year time-bar measured from the relevant year-end, while transitional provisos permit completion of matters tied to the financial years commencing 1 April 1985 or 1 April 1986 on or before 31 March 1990; sub-section (3) likewise replaces a four-year limit with two years and adds a similar transitional proviso for orders setting aside or cancelling assessments.
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Provisions expressly mentioned in the judgment/order text.
Assessment limitation reduced to a two-year time-bar with transitional extensions for certain pending wealth-tax matters.
Substitution of section 17A shortens assessment limitation periods: assessment under section 16 and assessment/reassessment under section 17 are subject to a two-year time-bar measured from the relevant year-end, while transitional provisos permit completion of matters tied to the financial years commencing 1 April 1985 or 1 April 1986 on or before 31 March 1990; sub-section (3) likewise replaces a four-year limit with two years and adds a similar transitional proviso for orders setting aside or cancelling assessments.
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