In force · As amended up to 2026-08
3[ 17A. Time limit for completion of assessment and reassessment.— 4[(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:
5[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:]
6[Provided further that in case the assessment year in which the net wealth was first assessable is the assessment year[7] [commencing on or after the 1st day of April, 2004 but before the 1st day of April, 2010], 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[8] [one year] from the end of the financial year in which the notice under sub-section (1) of that section was served]:
9[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 10[after the 1st day of April, 2005 but before the 1st day of April, 2011], the provisions of this sub-section shall have effect as if for the words "one year", the words "nine months" had been substituted.]
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1. Ins. by Act 46 of 1964, s. 17 (w.e.f. 1-4-1965).
2. Added by Act 4 of 1988, s. 139 (w.e.f. 1-4-1989).
3. Ins. by Act 41 of 1975, s. 90 (w.e.f. 1-4-1976).
4. Subs. by Act 4 of 1988, s. 140, for sub-sections (1) and (2) (w.e.f. 1-4-1989).
5. Subs. by Act 13 of 1989, s. 28, for the proviso (w.e.f. 1-4-1989).
6. Ins. by Act 21 of 2006, s. 57 (w.e.f. 1-6-2006).
7. Subs. by Act 23 of 2012, s. 117, for "commencing on the 1st day of April, 2004 or any subsequent year" (w.e.f. 1-7-2012)
8. Subs. by Act 14 of 2001, s. 97, for "two years" (w.e.f. 1-6-2001).
9. Subs. by s. 97, ibid., for the proviso (w.e.f. 1-6-2001).
10. Subs. by Act 23 of 2012, s. 117, for "after the 1st day of April, 2005" (w.e.f. 1-7-2012).
Source: India Code