Time limit for assessments under section 153B reduced for post search cases, with adjusted limitation periods and transfer rules. The amendment shortens and clarifies the time-limit for making assessments and reassessments following searches or requisitions, extending the limitation period rule to associated assessment years, imposing transitional reductions of the limitation period for specified financial years, and providing that limitation for other persons is either the searched person's period or twelve months from handover of seized or requisitioned materials, whichever is later; it also ensures a minimum one year residual limitation after abatement of Settlement Commission proceedings and preserves prior limits for notices issued before the retrospective cut off.
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Time limit for assessments under section 153B reduced for post search cases, with adjusted limitation periods and transfer rules.
The amendment shortens and clarifies the time-limit for making assessments and reassessments following searches or requisitions, extending the limitation period rule to associated assessment years, imposing transitional reductions of the limitation period for specified financial years, and providing that limitation for other persons is either the searched person's period or twelve months from handover of seized or requisitioned materials, whichever is later; it also ensures a minimum one year residual limitation after abatement of Settlement Commission proceedings and preserves prior limits for notices issued before the retrospective cut off.
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