Time limit for completion of assessment u/s 153A - Section 153B

Assessment time-limits under section 153B clarified; exclusionary periods and seizure-to-handover interruption affect completion timelines.

Limitation periods for assessments following search or requisition vary by assessment year and were progressively shortened; longer periods apply where a transfer pricing reference is made. Multiple interruption periods are excluded from computation, including court stays, audit and valuation references, re hearing time, settlement and advance rulings proceedings, annulment intervals, exchange of information delays, and references on avoidance arrangements. An amendment excludes up to one hundred and eighty days from the date of search/requisition until seized or requisitioned materials are handed to the jurisdictional assessing officer, applied retrospectively from the specified fiscal date.