Exclusion of annulment-to-set-aside period alters computation of assessment time-limits under income-tax reassessment provisions, clarifying timeliness requirements. With effect from 1 June 2003, clause (a) of section 153B is amended to refer to sub section (1) of section 153A. The Explanation inserts clause (vii) excluding from limitation the period from the date of annulment of an assessment or reassessment under sub section (2) of section 153A until receipt of the Commissioner's order setting aside that annulment. The proviso is amended to substitute references to clauses of the relevant sub section, aligning cross references for computation of assessment time limits.
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Exclusion of annulment-to-set-aside period alters computation of assessment time-limits under income-tax reassessment provisions, clarifying timeliness requirements.
With effect from 1 June 2003, clause (a) of section 153B is amended to refer to sub section (1) of section 153A. The Explanation inserts clause (vii) excluding from limitation the period from the date of annulment of an assessment or reassessment under sub section (2) of section 153A until receipt of the Commissioner's order setting aside that annulment. The proviso is amended to substitute references to clauses of the relevant sub section, aligning cross references for computation of assessment time limits.
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