RATIONALISATION OF TIME LIMIT FOR ASSESSMENT IN SEARCH CASES

RATIONALISATION OF TIME LIMIT FOR ASSESSMENT IN SEARCH CASES

It is proposed to amend the time limit for completion of assessments made under Section 153A or Section 153C cases as follows:-

Particulars Existing Time Limit Proposed Time Limit
Completion of assessment under Section 153A for block of 6 assessment years or assessment year for which the search was conducted or requisition was made 2 years from the end of the financial year in which the last of the authorisations for search under Section 132 or for requisition under Section 132A was executed. 21 months from the end of the financial year in which the last of the authorisations for search under Section 132 or for requisition under Section 132A was executed.
Completion of assessment under Section 153C in case of other person 2 years from the end of the financial year in which the last of the authorisation for search under Section 132 or requisition under Section 132A was executed 21 months from the end of the financial year in which the last of the authorisation for search under Section 132 or requisition under Section 132A was executed
Completion of assessment under Section 153C in case of other person if books of accounts, documents, assets seized or requisitioned are handed over to Assessing Officer having jurisdiction over such other person 1 year from the end of the financial year in which the books of account or documents or assets seized or requisition are handed over under Section 153C to the Assessing Officer having jurisdiction over such other person, whichever is later 9 months from the end of the financial year in which the books of account or documents or assets seized or requisition are handed over under Section 153C to the Assessing Officer having jurisdiction over such other person, whichever is later.

The provisions of Section 153B, as they stood before the amendment by Finance Act, 2016, shall apply to and in relation to any order of assessment, reassessment or recomputation made before the 01.06.2016.

The amendment will take effect from 1st day of June, 2016.

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