Assessment time limit extension for post search cases; deadline imposed and exclusions for later searches established. The Finance Act 2022 amends section 153B to prescribe a special deadline for assessments where the last search authorisation or requisition executed in the financial year beginning 1 April 2020, or where seized or requisitioned materials were handed over under section 153C during that year; such assessments must be completed by the specified date. It also inserts a non application provision excluding searches or requisitions initiated on or after 1 April 2021, and adds an Explanation clause defining a period (not exceeding 180 days) from initiation of search/requisition to handing over to the Assessing Officer.
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Assessment time limit extension for post search cases; deadline imposed and exclusions for later searches established.
The Finance Act 2022 amends section 153B to prescribe a special deadline for assessments where the last search authorisation or requisition executed in the financial year beginning 1 April 2020, or where seized or requisitioned materials were handed over under section 153C during that year; such assessments must be completed by the specified date. It also inserts a non application provision excluding searches or requisitions initiated on or after 1 April 2021, and adds an Explanation clause defining a period (not exceeding 180 days) from initiation of search/requisition to handing over to the Assessing Officer.
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