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of <h1>Finance Act 2008 amends Section 153 of Income-tax Act, extending assessment deadlines post-Settlement Commission proceedings.</h1> Section 153 of the Income-tax Act has been amended by the Finance Act, 2008. A new sub-section (4) has been inserted, effective from June 1, 2003, allowing assessment or reassessment orders revived under section 153A(2) to be completed within one year from the end of the revival month or within the specified period, whichever is later. Additionally, changes to Explanation 1 include substituting references to sub-sections and inserting a proviso effective from June 1, 2007. This proviso extends the limitation period for assessments after Settlement Commission proceedings abate, ensuring a minimum one-year period for assessment-related actions.
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