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Time Limit for Completion of all Assessment and Re-Assessment of Return of Income (Section 153)

 
  • An assessment under section 143 or 144 shall be completed within 21 months from the end of the relevant assessment year.

  • An assessment or reassessment under section 147 must be completed within 9 months from the end of the financial year in which notice under section 148 was served.

The following special points should be noted –

  1. The time-limit specified above in cases where reference is made to Transfer Pricing Officer (TPO) shall be extended by 12 months.

  2. If assessment is set aside or cancelled by virtue of an order of Commissioner (Appeals) or the order of Tribunal or a revision order of the Commissioner, fresh assessment shall be completed within 9 month from the end of the financial year in which the order cancelling/setting aside is received/passed by the Commissioner.

  3. Re-assessment/re-computation can be completed at any time where such an order is passed in consequence of or to give effect to any finding/direction contained in an order of appeal/revision of an appellate authority/ Commissioner/any Court.

Period to be Excluded -

In computing the above period of limitation, the following period shall be excluded – the period during which assessment proceeding is stayed by a Court order, time taken in getting withdrawal of certain approval, period for getting special audit, time taken when there is rejection of Settlement Commission application/advance ruling application, etc.

Where immediately after the exclusion of the aforesaid time, the period of limitation available to the Assessing Officer for making orders is less than 60 days, the remaining period shall be extended to 60 days and the aforesaid period of limitation shall be deemed to be extended accordingly.

CONTENT : Return of Income and Procedure of Assessment (Section 139 to 154)

Related Topics... Return of Income and Procedure of Assessment

 
 
 
 
 
 
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