Section 151 of the Income Tax Act, 1961 relating to Sanction for Issue of Notice, has been amended/ substituted, by the Finance Act 2021, with effect from AY 2021-22, in line with amended provisions relating to reduction in time limit for issuing notice for re-opening of assessment proceedings u/s 148.
It may be noted that Finance Act 2021 has amended/ substituted/ inserted Sections 147, 148, 148A, 149 and 151 of the Income Tax Act 1961 with regard to reduction of Time Limit for re-opening of income tax proceedings, applicable with effect from 01/04/2021 (AY 2021-22).
Section 151: Sanction for issue of notice (as Substituted by the Finance Act 2021)
Section 151 of the Income Tax Act, 1961 has been substituted/ revised, vide Section 44 of the Finance Act, 2021, applicable w.e.f. 01/4/2021 (AY 2021-22), as under:
“Specified authority for the purposes of section 148 and section 148A shall be,-
(i) Principal Commissioner or Principal Director or Commissioner or Director, if three years or less than three years have elapsed from the end of the relevant assessment year;
(ii) Principal Chief Commissioner or Principal Director General or where there is no Principal Chief Commissioner or Principal Director General, Chief Commissioner or Director General, if more than three years have elapsed from the end of the relevant assessment year.”