TMI BlogTime limit for noticeX X X X Extracts X X X X X X X X Extracts X X X X ..... n; or (iii) an entry or entries in the books of account, which has escaped assessment amounts to or is likely to amount to fifty lakh rupees or more: ] Provided that no notice under section 148 shall be issued at any time in a case for the relevant assessment year beginning on or before 1st day of April, 2021, if 7 [ a notice under section 148 or section 153A or section 153C could not have been issued at that time on account of being beyond the time limit specified under the provisions of clause (b) of sub-section (1) of this section or section 153A or section 153C, as the case may be ] , as they stood immediately before the commencement of the Finance Act, 2021: Provided further that the provisions of this sub-section sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after the 15th day of March of such financial year, a period of fifteen days shall be excluded for the purpose of computing the period of limitation as per this section and the notice issued under clause (b) of section 148A in such case shall be deemed to have been issued on the 31st day of March of such financial year: ] Provided also that for the purposes of computing the period of limitation as per this section, the time or extended time allowed to the assessee, as per show-cause notice issued under clause (b) of section 148A or the period during which the proceeding under section 148A is stayed by an order or injunction of any court, shall be excluded: Provided also that where immediately after the exclusion of the period r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (a) and (b) substituted by the Finance Act, 2001, w.e.f. 1-6-2001. Prior to their substitution, clauses (a) and (b), as amended by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989, read as under : (a) in a case where an assessment under sub-section (3) of section 143 or section 147 has been made for such assessment year,- (i) if four years have elapsed from the end of the relevant assessment year, unless the case falls under sub-clause (ii) or sub-clause (iii) ; (ii) if four years, but not more than seven years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to rupees fifty thousand or more for that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or clause (c) ] ; ( b ) if four years, but not more than six years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to one lakh rupees or more for that year.] 3 [ ( 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. ] Explanation . -In determining income chargeable to tax which has escaped assessment for the purposes of this sub-section, the provisions of Explanation 2 of section 147 shall apply as they a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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