Amendment of section 149.

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....se (b), the following clause shall be inserted, namely:-- "(c) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment."; (B) in sub-section (3), for the words "two years", the words "six years....

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....s proposed to insert a new clause (c) to the aforesaid sub-section so as to provide that if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment. The existing provisions of sub-section (3) of the ....