Clause 32 - Amendment of Section 153 - Finance Bill, 2008

32. In section 153 of the Income-tax Act, after sub-section ( 3 ),— ( a ) the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1 st day of June, 2003, namely:— ''( 4 ) Notwithstanding anything contained in the foregoing provisions of this section, sub-section ( 2 ) of section 153A and sub-section ( 1 ) of section 153B, the order of assessment or reassessment, relating to any assessment year, which stands revived under sub-section ( 2 ) of section 153A, shall be made within one year from the end of the month of such revival or within the period specified in this section or sub-section ( 1 ) of section 153B, whichever is later."; ( b ) in Explanation 1, after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1 st day of June, 2007, namely:— ''Provided further that where a proceeding before the Settlement Commission abates under section 245HA, the period of limitation available under this section to the Assessing Officer for making an order of assessment, reassessment or re-computation, as the case may be, shall, after the exclusion of the period under sub-section ( 4 ) of section 245HA, be not less than one year; and where such period of limitation is less than one year, it shall be deemed to have been extended to one year; and for the purposes of determining the period of limitation under sections 149, 153B, 154, 155, 158BE and 231 and for the purposes of payment of interest under section 243 or section 244 or, as the case may be, section 244A, this proviso shall also apply accordingly.''.