Limitation periods revised and transfer pricing orders integrated into expedited assessment and modification procedures.

The Finance Act amends the Income tax Act to shorten specified limitation periods and to add a provision permitting assessments following a special statutory return to be completed within a shorter period from the end of the relevant financial year. It brings transfer pricing orders within the scope of assessment time bar rules, equates Assessing Officers and Transfer Pricing Officers for procedural purposes, requires Assessing Officers to modify assessments promptly after receiving transfer pricing orders given on revision, and expands interruption periods to include search/seizure handover and references to senior tax officers.

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