99[Time limit for completion of assessment and reassessment.
17A. 1[(1) No order of assessment shall be made under section 16 at any time after
the expiry of two years from the end of the assessment year in which the net
wealth was first assessable :
2[Provided
that,—
(a) where the
net wealth was first assessable in the assessment year commencing on the 1st
day of April, 1987, or any earlier assessment year, such assessment may be made
on or before the 31st day of March, 1991 ;
(b) where the
net wealth was first assessable in the assessment year commencing on the 1st
day of April, 1988, such assessment may be made on or before the 31st day of
March, 1992:]
3[Provided
further that in case the assessment year in which the net wealth was first assessable
is the assessment year commencing on the 1st day of April, 2004 or any
subsequent year, the provisions of this sub-section shall have effect as if for
the words “two years”, the words “twenty-one months” had been substituted.]
(2) No order of assessment or reassessment
shall be made under section 17 after the expiry of 4[one
year] from the end of the financial year in which the notice under sub-section
(1) of that section was served] :
5[Provided
that where the notice under sub-section (1) of section 17 was served on or
after the 1st day of April, 1999 but before the 1st day of April, 2000, such
assessment or reassessment may be made at any time up to the 31st day of March,
2002:]
6[Provided
further that where the notice under sub-section (1) of section 17 was
served on or after the 1st day of April, 2005, the provisions of this
sub-section shall have effect as if for the words “one year”, the words “nine
months” had been substituted.]
7[***]
(3) Notwithstanding anything contained in
sub-sections (1) and (2), an order of fresh assessment in pursuance of an order
passed on or after the 1st day of April, 1975, under section 8[23A],
section 24 or section 25, setting aside or cancelling an assessment, may be
made at any time before the expiry of 9[one year] from the end of the financial year
in which the order under section 10[23A] or section 24 is received by the 11[Chief Commissioner or Commissioner] or, as the case may be, the order
under section 25 is passed by the Commissioner :
12[Provided that where the order under section 23A or section 24 is
received by the Chief Commissioner or Commissioner or, as the case may be, the
order under section 25 is passed by the Commissioner, on or after the 1st day
of April, 1999 but before the 1st day of April, 2000, such an order of fresh
assessment may be made at any time up to the 31st day of March, 2002:]
13[Provided further that where the order under section 23A or
section 24 is received by the Chief Commissioner or Commissioner or, as the
case may be, the order under section 25 is passed by the Commissioner, on or
after the 1st day of April, 2005, the provisions of this sub-section shall have
effect as if for the words “one year”, the words “nine months” had been
substituted.]
(4) The provisions of sub-sections (1) and (2)
shall not apply to the assessment or reassessment made on the assessee or any
other person in consequence of, or to give effect to, any finding or direction
contained in an order under section 23, section 24, section 25, section 27 or section
29 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 reassessment may, subject
to the provisions of sub-section (3), be completed at any time.
Explanation 1.—In computing the period of limitation for the
purposes of this section—
(i) 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 39, or
(ii) the period during
which the assessment proceeding is stayed by an order or injunction of any
court, or
14[(iia) the period (not exceeding sixty days) commencing
from the date on which the 15[Assessing Officer]
received the declaration under sub-section (1) of section 18C and ending with
the date on which the order under sub-section (3) of that section is made by
him, or]
(iii) in a case
where an application made before the Wealth-tax Settlement Commission under
section 22C is rejected by it or is not allowed to be proceeded with by it, the
period commencing from the date on which such application is made and ending
with the date on which the order under sub-section (1) of section 22D is
received by the Commissioner under sub-section (2) of that section,
shall be excluded :
16[Provided that where immediately after the exclusion of the
aforesaid time or period, the period of limitation referred to in sub-sections
(1), (2) and (3) available to the Assessing Officer for making an order of
assessment or reassessment, as the case may be, is less than sixty days, such
remaining period shall be extended to sixty days and the aforesaid period of
limitation shall be deemed to be extended accordingly:]
17[Provided further that
where a proceeding before the Settlement Commission abates under section 22HA,
the period of limitation referred to in this section available to the Assessing
Officer for making an order of assessment or reassessment, as the case may be,
shall, after the exclusion of the period under sub-section (4) of section 22HA,
be not less than one year; and where such period of limitation is less than one
year, it shall be deemed to have been extended to one year.]
Explanation 2.—Where,
by an order referred to in sub-section (4), any asset is excluded from the net
wealth of one person and held to be the asset of another person, then, an assessment in respect of
such asset on such other person shall, for the purposes of sub-section (2) of
section 17 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, provided
such other person was given an opportunity of being heard before the said order
was passed.]