Section 106 - Omitted - Income-tax Act, 1961

106. 3 [****] **************** NOTES:- 1. Inserted vide Section 24 of the Finance Act, 1964 w.e.f. 01-04-1964 2. Substituted vide Section 18 of the Finance Act, 1975 w.e.f. 01-04-1975 before it was read as, Period of limitation for making orders under section 104 106. No order under section 104 shall be made after the expiry of four years from the end of the assessment year relevant to the previous year referred to in sub-section (1) of that section or after the expiry of one year from the end of the financial year in which the assessment or re-assessment of the profits and gains of the previous year aforesaid is made, whichever is later. 1 [ Provided that the period of limitation prescribed by this section shall not apply in a case where the company has made an application to the Board under section 107A. ] 3. Omitted vide Section 41 of the Finance Act, 1987 w.e.f. 01-04-1988 before it was read as, 2 [106. Period of limitation for making orders under section 104. No order under section 104 shall be made at any time after - (a) the expiry of - (i) four years from the end of the assessment year relevant to the previous year referred to in sub-section (1) of that section, where such assessment year is an assessment year commencing on or before the 1st day of April, 1974; (ii) two years from the end of the assessment year relevant to the previous year referred to in sub-section (1) of that section, where such assessment year is an assessment year commencing after the 1st day of April, 1974; or (b) the expiry of one year from the end of the financial year in which the assessment or re-assessment of the profits and gains of the previous year referred to in sub-section (1) of that section is made, whichever is later : Provided that the period of limitation specified in this section shall not apply in a case where the company has made an application to the Board under section 107A. ]