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of <h1>New Section 28BB in Customs Act sets 2-year limit on inquiries, extendable by 1 year for valid reasons.</h1> Section 28BB is introduced in the Customs Act to establish a time limit for completing inquiries or investigations that result in the issuance of a notice under section 28. Such actions must be completed within two years from the initiation of an audit, search, seizure, or summons. The Principal Commissioner or Commissioner of Customs can extend this period by one year for sufficient cause, with reasons recorded in writing. Periods during which a stay is granted by a court or when seeking information from overseas authorities are excluded from this timeframe. This provision does not apply to proceedings initiated before the Finance Bill, 2021 is enacted.
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