Amendment of section 153B
52. In section 153B of the Income-tax Act, in the Explanation, after clause (ii), the following clause shall be inserted with effect from the 1st day of October, 2014, namely:––
“(iia) 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 52 of the Bill seeks to amend section 153B of the Income-tax Act relating to time limit for completion of assessment under section 153A.
The existing provisions contained in the Explanation to section 153B provide that certain periods specified therein are to be excluded while computing the period of limitation laid down in the said section for completion of assessment under section 153A.
It is proposed to insert a new clause (iia) in the aforesaid Explanation 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 of the Income-tax Act 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 153B.
This amendment will take effect from 1st October, 2014.
