(2)Subject to any alteration or amendment made under Section 147 and to result of any appeal made under Section 153 every valuation and assessment entered in a valuation or assessment list shall take effect-(a)in cases where the assessment list is completed within the period of five years as aforesaid from the first day of the year immediately following that period;(b)in cases where such list is completed after the expiry of the said period, from the first day of the quarter immediately following the completion of the list; and(c)in cases where such list is prepared in pursuance of direction issued by the State Government under Sub-section (1) from the first day of the quarter immediately following the completion of the list, and shall remain in force until the date on which the valuation and assessment, entered in the new lists prepared subsequently under this section take effect.]
