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of <h1>Section 153B Income Tax Act sets assessment completion deadlines after search operations within 12-21 months depending on year</h1> Section 153B of the Income Tax Act establishes time limits for completing assessments following search or requisition operations. The Assessing Officer must complete assessments within twenty-one months from the financial year end when the last authorization was executed, covering six assessment years and the relevant year. For searches executed during 2018-19, the period reduces to eighteen months, and for 2019-20 onwards, it reduces to twelve months. Third-party assessments follow similar timelines but with alternative periods based on when seized materials are handed over. The provision excludes certain periods from limitation calculations, including court stays, audit directions, valuation references, and settlement commission proceedings, ensuring adequate time for proper assessment completion.
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