Section 59 - Amendment of section 153 - Direct Tax Laws (Amendment) Act, 1987

59. Amendment of section 153. In section 153 of the Income-tax Act, - (a) for sub-section (1), the following sub-section shall be substituted, namely :- (1) No order of assessment shall be made under section 143 or section 144 at any time after the expiry of two years from the end of the assessment year in which the income was first assessable. ; (b) for sub-section (2), the following sub-section shall be substituted, namely :- (2) No order of assessment, reassessment or re-computation shall be made under section 147 after the expiry of two years from the end of the financial year in which the notice under section 148 was served: Provided that where the notice under section 148 was served on or before the 31st day of March, 1987, such assessment, reassessment or re-computation may be made at any time up to the 31st day of March, 1990. ; (c) clause (iv) of Explanation 1 shall be omitted.