Time limits for tax assessments impose short limitation windows, with tolling for procedural delays and transfer pricing processes.
Section 286 prescribes specific limitation periods for assessments, reassessments and recomputations linked to dates in a statutory table, generally imposing one year windows with limited shorter periods; it provides a 12 month extension where a Transfer Pricing Officer reference is made, enumerates discrete exclusion/tolling events (including hearings, stays, audit and valuation references, advance ruling applications, exchange of information references, declarations under anti avoidance provisions and search/requisition periods), and supplies minimum residual time and remedial extension rules to ensure Assessing Officers retain a baseline time to conclude proceedings.