Income-tax amendments extend limitation periods when transfer-pricing references or related audit and information-exchange actions occur. Amendments to Section 153 extend limitation periods where a reference under section 92CA(1) is made, substituting provisos in sub-sections (1), (2) and (2A) to replace certain 'two years' and 'one year' limits with 'three years' and 'two years' respectively; and revising Explanation 1 to redefine periods for audit directions under section 142(2A), exchange-of-information requests under agreements in sections 90/90A, omit an existing clause, and add a period for references under section 144BA until specified directions or orders are received.
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Income-tax amendments extend limitation periods when transfer-pricing references or related audit and information-exchange actions occur.
Amendments to Section 153 extend limitation periods where a reference under section 92CA(1) is made, substituting provisos in sub-sections (1), (2) and (2A) to replace certain "two years" and "one year" limits with "three years" and "two years" respectively; and revising Explanation 1 to redefine periods for audit directions under section 142(2A), exchange-of-information requests under agreements in sections 90/90A, omit an existing clause, and add a period for references under section 144BA until specified directions or orders are received.
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