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of <h1>Section 153 limits timelines for income-tax assessments, reassessments (sections 143/144/147/148), with specific exceptions and extensions</h1> Section 153 prescribes limitation periods for income-tax assessments, reassessments and recomputations: generally assessment under sections 143/144 must be completed within specified months/years from the end of the relevant assessment year (with varied shorter periods for recent years), and reassessment under section 147 must be completed within a specified period from the end of the financial year in which notice under section 148 was served, subject to amendments extending certain periods. Exceptions allow fresh assessments to give effect to appellate or specified orders, extend periods where references, searches, requisitions or valuation or audit processes occur, and exclude defined interruption periods from limitation; minimum residual periods are mandated after exclusions.
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