15. Insertion of new section 48A in the principal enactment

The following new section is hereby inserted immediately after section 48 of the principal enactment and shall have effect as section 48A of the enactment :—

48A. No proceedings shall be instituted or any action pending for the recovery of tax or any other action taken, for the recovery of tax shall be proceeded with, under this Chapter where a period of five years has lapsed after three months from the date of default of such tax.”.