Assessment/reassessment u/s.147, Income Tax Act 1961.

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....ns of sec.144B of the I.T.Act are not applicable to assessment/reassessment to be made u/s.147 and consequently the period(not exceeding 180 days) as referred to in clause (iv) of Explanation I to sec.153 is not to be excluded from the period of limitation prescribed in sub-sec(2) of the said section. The assessments completed after the time limit prescribed in section 153(2) but within the time a....

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....essment to be made u/s.147(a)/(b) falls within the purview of sec.144B. Sub-section (1) of sec.144B opens with a non-obstante clause giving it overriding effect on any other provisions of the act. There is nothing in the context which could reasonably justify placing a limited construction on the word "assessment" in sec.144B(1) since u/s.2(8) the term "assessment" include "re-assessment". Further....

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....uired. 5. In view of the opinion of the Ministry of Law that the assessment or re-assessment u/s.147 falls within the scope of the provisions of sec.144B and in view of the fact that the decisions of the ITAT and the CIT(Appeals) have not been accepted, the Board desire that the adverse decisions of the CIT(Appeals) and ITAT in this behalf may not be accepted. But as appellate authorities are h....