AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
Time limit for completion of assessment, reassessment and recomputation.
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...." had been substituted:]] ^59[Provided also that in respect of an order of assessment relating to the assessment year commencing on ^74[****] the 1st day of April, 2021, the provisions of this sub-section shall have effect, as if for the words "twenty-one months", the words "nine months" had been substituted.] ^75[Provided also that in respect of an order of assessment relating to the assessment year commencing on or after the 1st day of April, 2022, the provisions of this sub-section shall have effect, as if for the words "twenty-one months", the words "twelve months" had been substituted.] ^64[(1A) Notwithstanding anything contained in sub-section (1), where a return under sub-section (8A) of section 139 is furnished, an order of assessment under section 143 or section 144 may be made at any time before the expiry of ^76[twelve months] from the end of the financial year in which such return was furnished.] ^87[(1B) Notwithstanding anything in sub-section (1), where a return is furnished in consequence of an order under clause (b) of sub-section (2) of section 119, an order of assessment under section 143 or section 144 may be made at any time before the expiry of twel....
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.... section 132A; (b) in the case of an assessee, to whom any money, bullion, jewellery or other valuable article or thing seized or requisitioned belongs to; (c) in the case of an assessee, to whom any books of account or documents seized or requisitioned pertains or pertain to, or any information contained therein, relates to, be extended by twelve months.] (4) Notwithstanding anything contained in ^80[sub-sections (1), (1A), (2), (3) and (3A)], where a reference under sub-section (1) of section 92CA is made during the course of the proceeding for the assessment or reassessment, the period available for completion of assessment or reassessment, as the case may be, under the said ^80[sub-sections (1), (1A), (2), (3) and (3A)] shall be extended by twelve months. (5) Where effect to an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264 is to be given by the Assessing Officer ^67[or the Transfer Pricing Officer, as the case may be,] wholly or partly, otherwise than by making a fresh assessment or reassessment ^68[or fresh order under section 92CA, as the case may be,], such effect shall be given within a period....
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....tion 264 or in an order of any court in a proceeding otherwise than by way of appeal or reference under this Act, on or before the expiry of twelve months from the end of the month in which such order is received or passed by the ^83[Principal Chief Commissioner or Chief Commissioner or] Principal Commissioner or Commissioner, as the case may be; or (ii) where, in the case of a firm, an assessment is made on a partner of the firm in consequence of an assessment made on the firm under section 147, on or before the expiry of twelve months from the end of the month in which the assessment order in the case of the firm is passed. (7) Where effect to any order, finding or direction referred to in sub-section (5) or sub-section (6) is to be given by the Assessing Officer, within the time specified in the said sub-sections, and such order has been received or passed, as the case may be, by the income-tax authority specified therein before the 1st day of June, 2016, the Assessing Officer shall give effect to such order, finding or direction, or assess, reassess or recompute the income of the assessee, on or before the 31st day of March, 2017. (8) Notwithstanding anything con....
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....l Government or the prescribed authority, the contravention of the provisions of clause (21) or clause (22B) or clause (23A) or clause (23B) ^71[^71a[of section 10], under clause (i) of the first proviso] to sub-section (3) of section 143 and ending with the date on which the copy of the order withdrawing the approval or rescinding the notification, as the case may be, under those clauses is received by the Assessing Officer; or (iv) the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited ^84[or inventory valued] under sub-section (2A) of section 142 and- (a) ending with the last date on which the assessee is required to furnish a report of such audit ^85[or inventory valuation] under that sub-section; or (b) where such direction is challenged before a court, ending with the date on which the order setting aside such direction is received by the Principal Commissioner or Commissioner; or (v) the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under sub-section (1) of section 142A and ending with the date on which the report of the....
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....ceeding one hundred and eighty days) commencing from the date on which a search is initiated under section 132 or a requisition is made under section 132A and ending on the date on which the books of account or other documents, or any money, bullion, jewellery or other valuable article or thing seized under section 132 or requisitioned under section 132A, as the case may be, are handed over to the Assessing Officer having jurisdiction over the assessee,- (a) in whose case such search is initiated under section 132 or such requisition is made under section 132A; or (b) to whom any money, bullion, jewellery or other valuable article or thing seized or requisitioned belongs to; or (c) to whom any books of account or documents seized or requisitioned pertains or pertains to, or any information contained therein, relates to; or] ^73[(xiii) the period commencing from the date on which the Assessing Officer makes a reference to the Principal Commissioner or Commissioner under the second proviso to sub-section (3) of section 143 and ending with the date on which the copy of the order under clause (ii) or clause (iii) of the fifteenth proviso to clause (2....
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.... period of limitation under sections 149, 154 and 155, and for the purposes of payment of interest under section 244A, the provisions of the fourth proviso shall apply accordingly.] ^91[Provided also that where after exclusion of the period referred to in clause (xii) the period of limitation for making an order of assessment, reassessment or recomputation, as the case may be, ends before the end of the month, such period shall be extended to the end of such month.] Explanation 2.-For the purposes of this section, where, by an order referred to in clause (i) of sub-section (6),- (a) any income is excluded from the total income of the assessee for an assessment year, then, an assessment of such income for another assessment year shall, for the purposes of section 150 and this section, be deemed to be one made in consequence of or to give effect to any finding or direction contained in the said order; or (b) any income is excluded from the total income of one person and held to be the income of another person, then, an assessment of such income on such other person shall, for the purposes of section 150 and this section, be deemed to be one made in consequence....
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....one year" 7. Substituted vide Section 59 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(2) No order of assessment, reassessment or recomputation shall be made under section 147- (a) where the assessment, reassessment or recomputation is to be made under clause (a) of that section, after the expiry of four years from the end of the assessment year in which the notice under section 148 was served; (b) where the assessment, reassessment or recomputation is to be made under clause (b) of that section, after- (i) the expiry of four years from the end of the assessment year in which the income was first assessable, or (ii) the expiry of one year from the date of service of the notice under section 148, whichever is later." 8. Substituted vide Section 64 of the Finance Act, 2001 w.e.f. 01-06-2001 before it was read as, "two years" 9. Substituted vide Section 64 of the Finance Act, 2001 w.e.f. 01-06-2001 before it was read as, "Provided that where the notice under section 148 was served on or before the 31st day of March, 1987, such assessment, reassessment ....
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.... reheard under the proviso to section 129 or any period during which the assessment proceeding is stayed by an order or injunction of any court, shall be excluded." 21. Inserted vide Section 61 of the Finance Act, 2002 w.e.f. 01-04-2003 22. Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it was read as, "Income-tax" 23. Substituted vide Section 44 of the Finance (No. 2) Act, 1996 w.e.f. 01-04-1997 before it was read as, "the date on which the assessee furnishes" 24. Omitted vide Section 59 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(iv) the period (not exceeding one hundred and eighty days) commencing from the date on which the Assessing Officer forwards the draft order under sub-section (1) of section 144B to the assessee and ending with the date on which the Assessing Officer receives the directions from the Deputy Commissioner under sub-section (4) of that section, or, in a case where no objections to the draft order are received from the assessee, a period of thirty days, or" 25. Inserted vide Section 28 of the Taxation Laws (Am....
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....07-2012 41. Substituted vide Section 66 of the Finance Act, 2012 w.e.f. 01-07-2012 before it was read as, "six months" 42. Substituted vide Section 41 of the Finance Act, 2013 w.e.f. 01-07-2012 before it was read as, "^40[Provided also that in case the assessment year in which the income was first assessable is the assessment year commencing on the 1st day of April, 2009 or any subsequent assessment year and during the course of the proceeding for the assessment of total income, a reference under sub-section (1) of section 92CA- (i) is made before the 1st day of July, 2012, but an order under sub-section (3) of that section has not been made before such date; or (ii) is made on or after the 1st day of July, 2012, the provisions of clause (a) shall, notwithstanding anything contained in the first proviso, have effect as if for the words "two years", the words "three years" had been substituted;]" 43. Substituted vide Section 41 of the Finance Act, 2013 w.e.f. 01-07-2012 before it was read as, "^40A[Provided also that where the notice under section 148 was served on or after the 1st da....
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....s,]" 47. Omitted vide Section 41 of the Finance Act, 2013 w.e.f. 01-04-2013 before it was read as, "^40C[(ix) the period commencing from the date on which a reference for declaration of an arrangement to be impermissible avoidance arrangement is received by the Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction under sub-section (3) or sub-section (6) or an order under sub-section (5) of the said section is received by the Assessing Officer,]" 48. Inserted vide Section 41 of the Finance Act, 2013 w.e.f. 01-04-2016 49. Inserted vide Section 41 of the Finance Act, 2013 w.e.f. 01-04-2016 50. Inserted vide Section 53 of the Finance (No. 2) Act, 2014 w.e.f. 01-10-2014 51. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51A. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51B. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51C. Inserted vide Section 4 of the Finance (No. 2) Act, 2014 w.e.f. 01-06-2013 51D. Inserted vide Section 4 of the Finance (....
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....[Provided that in case the assessment year in which the income was first assessable is the assessment year commencing ^38[on or after the 1st day of April, 2004 but before the 1st day of April, 2010], the provisions of clause (a) shall have effect as if for the words "two years", the words "twenty-one months" had been substituted :] ^3[Provided further that in case the assessment year in which the income was first assessable is the assessment year commencing ^39[on or after the 1st day of April, 2005 but before the 1st day of April, 2009] and during the course of the proceeding for the assessment of total income, a reference under sub-section (1) of section 92CA- (i) was made before the 1st day of June, 2007 but an order under sub-section (3) of that section has not been made before such date; or (ii) is made on or after the 1st day of June, 2007, the provisions of clause (a) shall, notwithstanding anything contained in the first proviso, have effect as if for the words "two years", the words "thirty-three months" had been substituted.] ^42[Provided also that in case the assessment year in which the income was first assessable is th....
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.... where the notice under section 148 was served on or after the 1st day of April, 2010 and during the course of the proceeding for the assessment or reassessment or recomputation of total income, a reference under sub-section (1) of section 92CA is made, the provisions of this sub-section shall, notwithstanding anything contained in the second proviso, have effect as if for the words "one year", the words "two years" had been substituted.] ^12[(2A) Notwithstanding anything contained in sub-sections (1) ^13[, (1A), (1B)]and (2), in relation to the assessment year commencing on the 1st day of April, 1971, and any subsequent assessment year, an order of fresh assessment in pursuance of an order under section 250 or section 254 or section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of one year from the end of the financial year in which the order under section 250 or section 254 is received by the ^51P[Principal Chief Commissioner or] Chief Commissioner or ^51[Principal Commissioner or] Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the ^51Q[Principal Chief Commissioner or....
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....ipal Commissioner or] Commissioner on or after the 1st day of April, 2010, and during the course of the proceeding for the fresh assessment of total income, a reference under sub-section (1) of section 92CA is made, the provisions of this sub-section shall, notwithstanding anything contained in the second proviso, have effect as if for the words "one year", the words "two years" had been substituted.] (3) The provisions of sub-sections (1) ^16[, (1A), (1B)] and (2) shall not apply to the following classes of assessments, reassessments and recomputations which may, ^17[subject to the provisions of sub-section (2A),] be completed at any time- (i) ^18[****] (ii) where the assessment, reassessment or recomputation is made on the assessee or any person in consequence of or to give effect toany finding or direction contained in an order under section 250, 254, 260, 262, 263, or 264 ^19[or in an order of any court in a proceeding otherwise than by way of appeal or reference under this Act] ; (iii) where, in the case of a firm, an assessment is made on a partner of the firm in consequence of an assessment made on the firm under section 147. ....
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....sing] Officer received the declaration under sub-section (1) of section 158A and ending with the date on which the order under sub-section (3) of that section is made by him, or] (v) in a case where an application made before the Income-tax Settlement Commission under section 245C is rejected by it or is not allowed to be proceeded with by it, the period commencing from the date on which such application is made and ending with the date on which the order under sub-section (1) of section 245D is received by the ^51K[Principal Commissioner or] Commissioner under sub-section (2) of that section, ^27[or] ^28[(vi) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the order rejecting the application is received by the ^51L[Principal Commissioner or] Commissioner under sub-section (3) of section 245R, or (vii) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the advance ruling pronounced by it is receiv....
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.... of the assessee for an assessment year, then, an assessment of such income for another assessment year shall, for the purposes of section 150 and this section, be deemed to be one made in consequence of or to give effect to any finding or direction contained in the said order. Explanation 3.-Where, by an order ^32[referred to in clause (ii) of sub-section (3)], any income is excluded from the total income of one person and held to be the income of another person, then, an assessment of such income on such other person shall, for the purposes of section 150 and this section, be deemed to be one made in consequence of or to give effect to any finding or direction contained in the said order, provided such other person was given an opportunity of being heard before the said order was passed." 53. Inserted vide Section 59 of the Finance Act, 2017 w.e.f. 01-04-2017 54. Inserted vide Section 59 of the Finance Act, 2017 w.e.f. 01-04-2017 55. Inserted vide Section 59 of the Finance Act, 2017 w.e.f. 01-04-2017 56. Inserted vide Section 59 of the Finance Act, 2017 w.e.f. 01-06-2016 57. Inserted vide Section 59 of....
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....was giving wrong picture hence, included, subject to verification. 72. Substituted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2021 before it was read as, "Assessing Officer," 73. Inserted vide Section 48 of the Finance Act, 2022 w.e.f. 01-04-2022 74. Omitted vide Section 75 of the Finance Act, 2023 w.e.f. 01-04-2023 before it was read as, "or after" 75. Inserted vide Section 75 of the Finance Act, 2023 w.e.f. 01-04-2023 76. Substituted vide Section 75 of the Finance Act, 2023 w.e.f. 01-04-2023 before it was read as, "nine months" 77. Substituted vide Section 75 of the Finance Act, 2023 w.e.f. 01-04-2023 before it was read as, "sub-sections (1) and (2)" 78. Substituted vide Section 75 of the Finance Act, 2023 w.e.f. 01-04-2023 before it was read as, "Principal Commissioner or Commissioner" 79. Inserted vide Section 75 of the Finance Act, 2023 w.e.f. 01-04-2023 80. Substituted vide Section 75 of the Finance Act, 2023 w.e.f. 01-04-2023 before it was read as, "sub-sections (1), (2) and (3)" 81. Substituted vide Section 75 of the Finance....