Notification: S.O.1178

Section(s) Referred: 119, 119(2), 119(2)(a)

Statute: INCOME TAX

Date of Issue: 11/2/1982

In exercise of the powers conferred by clause (a) of sub-section (2) of section 119 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Income-tax Officer, making the reassessment or recomputation under section 147 of the said Act, shall not issue a notice under section 148 of the said Act–

(i) within four years from the end of the relevant assessment year, if the tax on income chargeable to tax which has escaped assessment for the relevant assessment year, amounts to less than rupees two hundred and fifty ; and

(ii) after the expiry of four years but before the expiry of eight years from the end of the relevant assessment year, if the tax on income chargeable to tax which has escaped assessment for the relevant assessment year, amounts to less than rupees five hundred.

Explanation.–In this order, “relevant assessment year” shall have the same meaning assigned to it in sections 147 to 153 of the said Act.

2. This order shall come into force on the 15th day of February, 1982.

[F. No. 289/135/80-IT(Inv.)

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