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Gift - Tax Act, 1958


16A. Time limit for completion of assessment and re-assessment.

  1. No order of assessment shall be made under section 15 at any time after the expiration of a period of-

  1. four years commencing on and from the 1st day of April,1975 or one year from the date of the filing of a return or a revised return under section 14, whichever is later, where the assessment year is an assessment year commencing before that date;

  2. four years from the end of the assessment year in which the gifts were first assessable, or one year from the date of the filing of a return or a revised return under section 14, whichever is later, where the assessment year is an assessment year commencing on or after the 1st day of April, 1975,

  1. No order of assessment or re-assessment shall be made under section 16,-

  1. where any proceeding for an assessment or a re - assessment is pending on the 1st day of April, 1975, at any time after the expiration of a period of four years commencing on and from that date;

  2. where the assessment or re-assessment is to be made in a case falling within clause (a) of sub-section (1) of section 16 for which a notice has been served under that sub-section on or after the 1st day of April, 1975, at any time after the expiration of a period of four years from the end of the assessment year in which the said notice was served;

  3. where the assessment or re-assessment is to be made in a case falling within clause (b) of sub-section (1) of section 16 for which a notice has been served under that sub-section on or after the 1st day of April, 1975, after the expiration of a period of--

  1. four years from the end of the assessment year in which the gifts were first assessable, or

  2. one year from the date of service of such notice, whichever period expires later.

  1. Notwithstanding anything contained in subsections (1) and 12), an order of fresh assessment in pursuance of an order passed on or after the 1st day of April, 1975 under section 22, section 23 or section 24, setting aside or cancelling an assessment, may be made at any time before the expiry of four years from the end of the financial year in which the order under section 22 or section 23 is received by the Commissioner or, as the case may be, the order under section 24.is passed by the Commissioner.

  2. The provisions of sub-sections (1) and (2) shall not apply to the assessment or reassessment made on the assessee in consequence of, or to give effect to, any finding or direction contained in an order under section 22, section 23, section 24, section 26 or section28 or in an order of any court in a proceeding otherwise than by way of appeal or reference under this Act and such assessment or re-
    assessment may, subject to the provisions of sub-section (3), be completed at any time.

Explanation I.-In computing the period of limitation for the purposes of this section-

  1. the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to the assessee to be reheard under the proviso to section 38, or

  2. the period during which the assessment proceeding is stayed by an order or injunction of any court, shall be excluded.

Explanation 2.-Where, by an-order referred to in sub-section (4), any gift is excluded from the taxable gifts for an assessment year in respect of an assessee, then, an assessment of such gift for another assessment year shall, for the purposes of subsection (2) of section16 and this section, be deemed to be one made in consequence of, or to give effect to, any finding or direction contained in the said order.]



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