TMI BlogAmendment of section 149.X X X X Extracts X X X X X X X X Extracts X X X X ..... clause (c) shall be inserted; (ii) after clause (b), the following clause shall be inserted, namely: (c) if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which has escaped assessment amounts to or is likely to amount to one lakh rupees or more for that year. It is proposed to insert a new clause (c) to the aforesaid sub-section so as to provide that if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment year unless the income in relation to any asset (including financial interest in any entity) loca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear. The provisions of section 149 are procedural in nature. However, it is clarified by inserting a new Explanation to the aforesaid section that the provisions of sub-sections (1) and (3) of this section as amended by the Finance Act 2012, shall also be applicable to the proceedings initiated under this section for any assessment year beginning on or before 1st April, 2012. These amendment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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