Section 153 - Time limit for completion of assessment, reassessment and recomputation.

Time limits for income-tax assessments: statutory baseline periods, with layered exceptions and procedural extensions for reopenings and orders.

Section 153 fixes limitation periods for assessment, reassessment and recomputation: baseline time-bars apply to orders under sections 143 and 144 measured from the assessment year of first assessability and distinct shorter periods apply where returns are furnished under specified provisions. Reopening under section 147 uses a limitation counted from the financial year end in which a section 148 notice is served, subject to amendments. The section creates exceptions and extensions for orders giving effect to appellate or revisionary decisions, transfer-pricing references, searches/requisitions and other procedural events, and prescribes exclusions and deemed extensions to ensure minimum periods remain for completion.