Amendment of section 153.

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....rds "twelve months" shall be substituted; (III) in sub-section (3),-- (a) for the words, brackets and figures "sub-sections (1) and (2)", the words, brackets, figures and letter "subsections (1), (1A) and (2)" shall be substituted; (b) for the words "Principal Commissioner or Commissioner" at both the places where they occur, the words "Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, as the case may be," shall be substituted; (IV) after sub-section (3), the following sub-section shall be inserted, namely:-- "(3A) Notwithstanding anything contained in subsections (1), (1A), (2) and (3), where an assessment or reassessment is pending on the date of init....

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....l Chief Commissioner or Chief Commissioner or" shall be inserted; (VIII) in Explanation 1,-- (a) in clause (iv),-- (i) in the opening portion, after the word "audited", the words "or inventory valued" shall be inserted; (ii) in sub-clause (a), after the words "such audit", the words "or inventory valuation" shall be inserted; (b) in the first proviso, for the words, brackets and figures "sub-sections (1), (2)", the words, brackets, figures and letter "sub-sections (1), (1A), (2)" shall be substituted. - Clause 72 of the Bill seeks to amend the section 153 of the Income-tax Act relating to time limit for completion of assessment, reassessment and recomputation. It is proposed to amend....

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.... section shall be extended by twelve months in a case where such search is initiated under section 132 or such requisition is made under section 132A or in the case of an assessee to whom any money, bullion, jewellery or other valuable article or thing seized or requisitioned belongs to or in the case of an assessee to whom any books of account or documents seized or requisitioned pertains or pertain to, or any information contained therein, relates to. It is also proposed to amend sub-section (4) of the said section to provide that the provisions thereof shall also be applicable to cases covered by sub-sections (1A) and (3A) of section 153 of the Act. It is also proposed to amend sub-section (5) of the said section to provide that th....