New section 214E inserted officially through the Gazzete

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"214E. Closure of audit.-

Notwithstanding the omission of section214D, audit of income tax affairs of a taxpayer under sub-section(2) of section 214D shall be deemed to have been concluded, if-

(i) taxpayer has been selected for audit under sub-section (1) of the omitted section 214D;

(ii) notice under section 122 has not been issued;

(iii) the taxpayer has revised return voluntarily, by thirty first day of December,2018, alongwith payment of 25% higher tax than the tax paid with return on the basis of taxable income and where no tax is payable 2% of the turnover and where no turnover is declared penalty under entry at SerialNo.I of sub-section (I) of section 182 has been paid voluntarily: Provided that the condition of revision, 25% higher tax or 2% of the turnover shall not apply, if the taxable income of the taxpayer includes only salary income or income subject to final taxation under sub-section (1) of section 169 or subject to taxation under section 5,5AA,6,7,7A or 7B.

Explanation-

For the removal of doubt it is clarified that only audit initiated as a result of automatic selection under the omitted section 214D shall stand abated under this section and aud itinitiated or to be initiated on the basis of definite information or otherwise as per provisions of section 177 or 214C shall be conducted independently."

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