Sanction for issue of notice.

151. (1) No notice shall be issued under section 148 after the expiry of eight years from the end of the relevant assessment year, unless the Board is satisfied on the reasons recorded by the ^97c[Assessing] Officer that it is a fit case for the issue of such notice.

(2) No notice shall be issued under  section 148 after the expiry of four years from the end of the relevant assessment year, unless the ^97d[Chief Commissioner or Commissioner] is satisfied on the reasons recorded by the ^97e[Assessing] Officer that it is a fit case for the issue of such notice.

The following new section 151 shall be substituted for the existing section by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989:

Sanction for issue of notice.

151. (1) In a case where an assessment under sub-section (3) of section 143 or section 147 has been made for the relevant assessment year, no notice shall be issued under  section 148 except by an Assessing Officer of the rank of Assistant Commissioner or Deputy Commissioner:

Provided that, after the expiry of four years from the end of the relevant assessment year, no such notice shall be issued unless the Chief Commissioner or Commissioner is satisfied, on the reasons recorded by the Assessing Officer aforesaid, that it is a fit case for the issue of such notice.

(2) In a case other than a case falling under sub-section (1), no notice shall be issued under  section 148 by an Assessing Officer, who is below the rank of Deputy Commissioner, after the expiry of four years from the end of the relevant assessment year, unless the Deputy Commissioner is satisfied, on the reasons recorded by such Assessing Officer, that it is a fit case for the issue of such notice.

[AS AMENDED BY THE DIRECT TAX LAWS (AMENDMENT) ACT, 1987]