Amendment of section 263 of the Income-tax Act, 1961--Clarification regarding - Income Tax - 402/1984

Amendment of section 263 of the Income-tax Act, 1961--Clarification regarding Circular No. 402 Dated 1/11/1984 As a consequence of the amendment of section 263 of the Income-tax Act, 1961, by section 47 of the Taxation Laws (Amendment) Act, 1984, the limitation for passing on order under section 263 will, in view of general principles of interpretation of statutes, stand extended in cases where the period of limitation orginally laid down in that section ahd not expired before 1st October, 1984. However, with a view to avoiding controversy and litigation in the matter, it is desirable that orders under section 263 of the Income-tax Act are passed, as far as possible, within two years of the date of the order sought to be revised in cases where the order sought to be revised was passed before 1st October, 1984. (Sd.) Kalyan Chand Under Secretary Central Board of Direct Taxes. [F. No. 279/146/84-ITJ]