Time-bar for assessments: exclusion for searches and requisitions alters limitation and excluded period computation.

The Bill excludes section 153B from applying to searches under section 132 or requisitions under section 132A initiated on or after 1 April 2021 and inserts an Explanation clause (xi) excluding, for limitation computation, the period from the date of search or requisition until seized or requisitioned items are handed to the Assessing Officer or one hundred and eighty days, whichever is less; certain insertions are deemed effective from 1 April 2021 while the Bill states overall effect from 1 April 2022.

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