Time limit for assessment: updated returns permit a nine month assessment window and integrate transfer pricing orders into procedures.

Amendments to section 153 revise limitation rules: updated returns permit assessment orders within nine months from the end of the financial year of filing; transfer pricing orders are assimilated into fresh assessment and modification procedures, obliging Assessing Officers to conform to Transfer Pricing Officer orders within a two month specified period; Explanation 1 exclusions are adjusted to add a capped search/requisition custody exclusion and a reference-to-review exclusion.

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