Amendment of section 149.

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....sp;      (i) in clause (a), after the word, brackets and letter "clause (b)", the words, brackets and letter "or clause (c)" shall be inserted;                 (ii) after clause (b), the following clause shall be inserted, namely:-       "(c) if four years, but no....

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.... - Clause 62 of the Bill seeks to amend section 149 of the Income-tax Act relating to time-limit for notice. The existing provisions of sub-section (1) of the aforesaid section 149 provide that the time limit for reopening an assessment on account of income escaping assessment is six years where the income chargeable to tax which has escaped assessment amounts to or is likely to amount to one....

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....expiry of a period of two years from the end of the relevant assessment year. It is proposed to amend the aforesaid sub-section to substitute the words "two years" with the words "six years" so as to provide that the notice shall not be issued after the expiry of a period of six years from the end of the relevant assessment year. The provisions of section 149 are procedural in nature. Howeve....