Amended and updated notes on section 150 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to provision for cases where assessment is in pursuance of an order on appeal, etc.
Chapter XIV (Sections 139 to 158) of the Income Tax Act 1961 deals with the provisions related to procedure for assessment. Section 150 of IT Act 1961 provides for provision for cases where assessment is in pursuance of an order on appeal, etc.
Recently, we have discussed in detail section 149 (Time limit for notice) of IT Act 1961. Today, we learn the provisions of section 150 of Income-tax Act 1961. The amended provision of section 150 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 150 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-150: Provision for cases where assessment is in pursuance of an order on appeal, etc.
Section 150(1) of Income Tax Act
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 or by a Court in any proceeding under any other law.
Section 150(2) of Income Tax Act
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.