Hi all
Section 150 (1) of the income tax act is
150. (1) Notwithstanding anything contained in section 149, the notice under
section 148 may be issued at any time for the purpose of making an
assessment or reassessment or recomputation in consequence of or to give
effect to any finding or direction contained in an order passed by any authority
in any proceeding under this Act by way of appeal, reference or revision 41[or by
a Court in any proceeding under any other law].
Section 150(2) is
(2) The provisions of sub-section (1) shall not apply in any case where any such
assessment, reassessment or recomputation as is referred to in that sub-section relates to an assessment year in respect of which an assessment, reassessment
or recomputation could not have been made at the time the order which was the
subject-matter of the appeal, reference or revision, as the case may be, was made
by reason of any other provision limiting the time within which any action for
assessment, reassessment or recomputation may be taken
Can anyone explain me the limitation given in section 150(2) with an illustration.
Kindly Help
Thank You
CAclubindia
