Limitation period for assessments changed to twenty one months or a nine month handover trigger, extending assessment timelines.

The amendment provides that where the last authorisation for search or requisition was executed in the financial year commencing 1 April 2004 or thereafter, the two year limitation is to be treated as twenty one months, and the limitation for assessing an other person shall be the later of twenty one months from the end of that financial year or nine months from the end of the financial year in which seized or requisitioned books, documents or assets are handed over to the Assessing Officer.

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