Section(s) Referred: 119 ,119(2) ,119(2)(a)
Statute: INCOME TAX
Date of Issue: 1/3/1996
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), read with rule 111B of the Income-tax Rules, 1962, the Central Government hereby specifies that the time limit of 3 years for sale of attached immovable property under rule 68B of Schedule II to the Income-tax Act, 1961 (43 of 1961), is to be extended to 4 years from the end of the financial year in which the order giving rise to a demand of any tax, interest, fine, penalty or any other sum for the recovery of which immovable property has been attached, has become conclusive under the provisions of section 245-I or, as the case may be, final in terms of provisions of Chapter XX. The rule 68B stands amended to that extent.
(Sd.) S. N. Shende, Member (R & A) and Additional Secretary to the Government of India.
[No. 9995/F. No. 275/138/95-IT(B)