Amendment of section 153B.

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....sp;       (ii) in the third proviso for the words, figures and letters "on the 1st day of April, 2005 or any subsequent financial year", the words, figures and letters "on or after the 1st day of April, 2005 but before the 1st day of April, 2009" shall be substituted;                 (iii) after the third proviso, the following proviso shall be inserted, namely:-       'Provided also that in case where the last of the authorisations for search under section 132 or for requisition under section 132A was executed during the financial year commencing on the 1^st day of April, 2009 or any subsequent financ....

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....ssessment or reassessment of total income in case of other person referred to in section 153C, a reference under sub-section (1) of section 92CA-            (i) was made before the 1st day of July, 2012 but an order under sub-section (3) of section 92CA has not been made before such date; or            (ii) is made on or after the 1st day of July, 2012, the period of limitation for making the assessment or reassessment in case of such other person shall, notwithstanding anything contained in clause (ii) of the second proviso, be the period of thirty-six months from the end of the financial year in which the last of the authorisations fo....

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....on 153A. The existing provisions of sub-section (1) of section 153B provide for time limit for completion of assessment and reassessment by the Assessing Officer. It is proposed to amend the aforesaid sub-section so as to revise the time limits specified in the aforesaid section for completion of assessments or reassessment in case of search or requisition. The revised time limits shall be the time limits wherever specified under the aforesaid section, as respectively increased by three months. The existing provisions contained in the Explanation to the aforesaid section 153B provide that certain periods specified therein are to be excluded while computing the period of limitation laid down in sub-section (1) of the said section fo....