Amendment of section 153
51. In section 153 of the Income-tax Act, in Explanation 1, after clause (iii), the following clause shall be inserted with effect from the 1st day of October, 2014, namely:––
“(iv) the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under sub-section (1) of section 142A and ending with the date on which the report of the Valuation Officer is received by the Assessing Officer, or”.
Notes on Clauses:
Clause 51 of the Bill seeks to amend section 153 of the Income-tax Act relating to time limit for completion of assessments and reassessments.
The existing provisions contained in Explanation 1 to section 153 provide that certain periods specified therein are to be excluded while computing the period of limitation for the purposes of the said section.
It is proposed to insert a new clause (iv) in Explanation 1 so as to provide that the period commencing from the date on which the Assessing Officer makes a reference to Valuation Officer under sub-section (1) of section 142A and ending with the date on which the report of the Valuation Officer is received by the Assessing Officer shall be excluded in computing the period of limitation for the purposes of section 153.
This amendment will take effect from 1st October, 2014.
