TMI BlogEXTRACTS FROM THE INCOME-TAX ACT, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in an order under section 250, 254, 260, 262, 263, or 264 or in an order of any court in a proceeding otherwise than by way of appeal or reference under this Act; (iii) where, in the case of a firm, an assessment is made on a partner of the firm in consequence of an assessment made on the firm under section 147. Explanation 1.—In computing the period of limitation for the purposes of this section— (i) the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to the assessee to be re-heard under the proviso to section 129, or (ii) the period during which the assessment proceeding is stayed by an order or injunction of any court, or (iia) the period commencing from the date on which t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction, or (vi) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the order rejecting the application is received by the Commissioner under sub-section (3) of section 245R, or (vii) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the advance ruling pronounced by it is received by the Commissioner under sub-section (7) of section 245R, shall be excluded: Provided that where immediately after the exclusion of the aforesaid time or period, the period of limitation referred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year falling within six assessment years referred to in clause (b) of section 153A, within a period of two years from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132A was executed; (b) in respect of the assessment year relevant to the previous year in which search is conducted under section 132 or requisition is made under section 132A, within a period of two years from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132A was executed: Provided that in case of other person referred to in section 153C, the period of limitation for making the assessment or reassessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... injunction of any court; or (ii) the period commencing from the day on which the Assessing Officer directs the assessee to get his accounts audited under sub-section (2A) of section 142 and ending on the day on which the assessee is required to furnish a report of such audit under that subsection; or (iii) the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to the assessee of being re-heard under the proviso to section 129; or (iv) in a case where an application made before the Settlement Commission under section 245 is rejected by it or is not allowed to be proceeded with by it, the period commencing from the date on which such application is made and ending with the date on which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d includes the Chairman. Authority for Advance Rulings. 245-O. (1) The Central Government shall constitute an Authority for giving advance rulings, to be known as "authority for Advance Rulings". (2) The Authority shall consist of the following Members appointed by the Central Government, namely:— (a) a Chairman, who is a retired Judge of the supreme Court; (b) an Officer of the Indian Revenue Service who is qualified to be a member of the Central Board of Direct Taxes; (c) an Officer of the Indian Legal Service who is, or is qualified to be, an Additional Secretary to the Government of India. (3) The salaries and allowances payable to, and the terms and conditions of service of, the Members shall be such as may be pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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