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of <h1>Section 153B sets assessment completion deadlines after search operations with reduced timeframes from 21 to 12 months</h1> Section 153B prescribes time limits for completing assessments following search and seizure operations under sections 132/132A. For searches conducted before April 2018, assessments must be completed within 21 months (33 months if transfer pricing reference made). This reduced to 18 months (30 months with transfer pricing) for 2018-19, and further to 12 months (24 months with transfer pricing) from April 2019 onwards. Special extension applies for assessment year 2021-22 where search occurred in 2020-21, extending deadline to September 30, 2022. Various exclusions apply including court stays, audit periods, valuation proceedings, settlement commission applications, advance ruling processes, and information exchange requests, with specific provisions for excluding up to 180 days for handover of seized materials.
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