Limitation period for assessments shortened after search/requisition, with extensions for transfer pricing references and settlement abatement.

Amendments to section 153B adjust limitation periods for assessments and reassessments following search under section 132 or requisition under section 132A by: (a) inserting "and for the relevant assessment year or years"; (b) substituting provisos that shorten the periods measured from the end of the financial year in which the last authorization was executed or from the end of the financial year in which seized or requisitioned materials are handed to the Assessing Officer; (c) extending the period by twelve months where a reference under section 92CA(1) is made; and (d) ensuring post Settlement Commission abatement limitation is not less than one year.

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