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TMI BlogAmendment of section 153X X X X Extracts X X X X X X X X Extracts X X X X ..... ssesse to get his accounts audited under sub-section (2A) of section 142 and-- (a) ending with the last date on which the assessee is required to furnish a report of such audit under that sub-section; or (b) where such direction is challenged before a court, ending with the date on which the order setting aside such direction is received by the Commissioner,or"; (b) for clause (viii), the fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is received by the Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction under subsection (3) or sub-section (6) or an order under sub-section (5) of the said section is received by the Assessing Officer,". - Clause 37 of the Bill seeks to amend section 153 of the Incometax Act relating to time limit for completion of assessments and reassessments. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion for the purposes of section 153. The existing provisions contained in clause (viii) of Explanation 1 to section 153 provides for exclusion of the period, commencing from the date on which a reference for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information so requested is recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section. This amendment will take effect retrospectively from 1st April, 2013. It is also proposed to insert clause (ix) in Explanation 1 of subsection (4) of the aforesaid section so as to provide for exclusion of time period starting from receipt of reference by the Commissioner under sub-section (1) of newly inserted 144BA and ending on date on which a direction under sub-section (3) or sub ..... X X X X Extracts X X X X X X X X Extracts X X X X
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