Section 296 - Time-limit for completion of block assessment

Time limit for block assessment: fixed limitation with specific exclusions and statutory extensions preserving procedural pauses.

The section fixes a twelve month limit for passing a block assessment order from the quarter-end in which the last search authorisation or requisition occurred (thirteen months where the return filing period is extended by thirty days), applies an identical twelve month rule to assessments of 'other persons,' and provides statutory extensions where references for information exchange are made. It mandates exclusion from limitation of the period from search/requisition to handover of seized material (subject to a cap), lists specified procedural intervals to be excluded (stays, information exchange, audits, valuations, advance ruling processes, etc.), and directs defined minimum remaining periods and month end extensions after such exclusions.