Income Tax Act, 2025
Section 1: Ins. by Act 7 of 2017, s. 59 (w.e.f. 12016).
1. Ins. by Act 7 of 2017, s. 59 (w.e.f. 12016).
590
(iv) the period commencing from the date on which the Assessing Officer directs the assessee to
get his accounts audited 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
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 Valuation Officer is received by the Assessing Officer; or
(vi) the period (not exceeding sixty days) commencing from the date on which the Assessing
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
(vii) in a case where an application made before the Income-tax Settlement Commission is
rejected by it or is not allowed to be proceeded with by it, the period commencing from the date on
which an application is made before the Settlement Commission under section 245C and ending with
the date on which the order under sub-section (1) of section 245D is received by the Principal
Commissioner or Commissioner under sub-section (2) of that section; or
(viii) 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 Principal Commissioner or Commissioner under
sub-section (3) of section 245R; or
(ix) 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 received by the Principal Commissioner or Commissioner under
sub-section (7) of section 245R; or
(x) the period commencing from the date on which a reference or first of the references for
exchange of information is made by an authority competent under an agreement referred to in section
90 or section 90A and ending with the date on which the information requested is last received by the
Principal Commissioner or Commissioner or a period of one year, whichever is less; or
(xi) the period commencing from the date on which a reference for declaration of an arrangement
to be an impermissible avoidance arrangement is received by the Principal Commissioner or
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,
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation
referred to in sub-sections (1), (2), (3) and sub-section (8) available to the Assessing Officer for making
an order of assessment, reassessment or recomputation, as the case may be, is less than sixty days, such
remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to
be extended accordingly:
591
Provided further that where the period available to the Transfer Pricing Officer is extended to sixty
days in accordance with the proviso to sub-section (3A) of section 92CA and the period of limitation
available to the Assessing Officer for making an order of assessment, reassessment or recomputation, as
the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the
aforesaid period of limitation shall be deemed to be extended accordingly:
Provided also that where a proceeding before the Settlement Commission abates under
section 245HA, the period of limitation available under this section to the Assessing Officer for making
an order of assessment, reassessment or recomputation, as the case may be, shall, after the exclusion of
the period under sub-section (4) of section 245HA, be not less than one year; and where such period of
limitation is less than one year, it shall be deemed to have been extended to one year; and for the purposes
of determining the period of limitation under sections 149,1*** 154, 155 and 158BE and for the purposes
of payment of interest under section 244A, this proviso shall also apply accordingly.
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 of or to give effect to any
finding or direction contained in the said order, if such other person was given an opportunity of
being heard before the said order was passed.]
2[153A. Assessment in case of search or requisition.—3[(1)] Notwithstanding anything contained in
ssection139, section 147, section 148, section 149, section 151 and section 153, in the case of a person
where a search is initiated under section 132 or books of account, other documents or any assets are
requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall—
(a) issue notice to such person requiring him to furnish within such period, as may be specified in
the notice, the return of income in respect of each assessment year falling within six assessment years
4[and for the relevant assessment year or years] referred to in clause (b), in the prescribed form and
verified in the prescribed manner and setting forth such other particulars as may be prescribed and the
provisions of this Act shall, so far as may be, apply accordingly as if such return were a return
required to be furnished under section 139;
(b) assess or reassess the total income of six assessment years immediately preceding the
assessment year relevant to the previous year in which such search is conducted or requisition is made
4[and for the relevant assessment year or years]:
Provided that the Assessing Officer shall assess or reassess the total income in respect of each
assessment year falling within such six assessment years 4[and for the relevant assessment year or
years]:
the period commencing from the date on which the Assessing Officer directs the assessee to
get his accounts audited under sub-section
of section 142 and—
ending with the last date on which the assessee is required to furnish a report of such audit
under that sub-section; or
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
the period commencing from the date on which the Assessing Officer makes a reference to the
Valuation Officer under sub-section
of section 142A and ending with the date on which the report
of the Valuation Officer is received by the Assessing Officer; or
the period (not exceeding sixty days) commencing from the date on which the Assessing
Officer received the declaration under sub-section
of section 158A and ending with the date on
which the order under sub-section
of that section is made by him; or
in a case where an application made before the Income-tax Settlement Commission is
rejected by it or is not allowed to be proceeded with by it, the period commencing from the date on
which an application is made before the Settlement Commission under section 245C and ending with
the date on which the order under sub-section
of section 245D is received by the Principal
Commissioner or Commissioner under sub-section
of that section; or
the period commencing from the date on which an application is made before the Authority
for Advance Rulings under sub-section
of section 245Q and ending with the date on which the
order rejecting the application is received by the Principal Commissioner or Commissioner under
sub-section
of section 245R; or
the period commencing from the date on which an application is made before the Authority
for Advance Rulings under sub-section
of section 245Q and ending with the date on which the
advance ruling pronounced by it is received by the Principal Commissioner or Commissioner under
sub-section
of section 245R; or
the period commencing from the date on which a reference or first of the references for
exchange of information is made by an authority competent under an agreement referred to in section
90 or section 90A and ending with the date on which the information requested is last received by the
Principal Commissioner or Commissioner or a period of one year, whichever is less; or
the period commencing from the date on which a reference for declaration of an arrangement
to be an impermissible avoidance arrangement is received by the Principal Commissioner or
Commissioner under sub-section
of section 144BA and ending on the date on which a direction
under sub-section
or sub-section
or an order under sub-section
of the said section is
received by the Assessing Officer,
shall be excluded:
Provided that where immediately after the exclusion of the aforesaid period, the period of limitation
referred to in sub-sections
and sub-section
available to the Assessing Officer for making
an order of assessment, reassessment or recomputation, as the case may be, is less than sixty days, such
remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to
be extended accordingly:
591
Provided further that where the period available to the Transfer Pricing Officer is extended to sixty
days in accordance with the proviso to sub-section
of section 92CA and the period of limitation
available to the Assessing Officer for making an order of assessment, reassessment or recomputation, as
the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the
aforesaid period of limitation shall be deemed to be extended accordingly:
Provided also that where a proceeding before the Settlement Commission abates under
section 245HA, the period of limitation available under this section to the Assessing Officer for making
an order of assessment, reassessment or recomputation, as the case may be, shall, after the exclusion of
the period under sub-section
of section 245HA, be not less than one year; and where such period of
limitation is less than one year, it shall be deemed to have been extended to one year; and for the purposes
of determining the period of limitation under sections 149,1*** 154, 155 and 158BE and for the purposes
of payment of interest under section 244A, this proviso shall also apply accordingly.
Explanation 2.—For the purposes of this section, where, by an order referred to in clause
of
sub-section
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
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, if such other person was given an opportunity of
being heard before the said order was passed.]
2[153A. Assessment in case of search or requisition.—3[
issue notice to such person requiring him to furnish within such period, as may be specified in
the notice, the return of income in respect of each assessment year falling within six assessment years
4[and for the relevant assessment year or years] referred to in clause
assess or reassess the total income of six assessment years immediately preceding the
assessment year relevant to the previous year in which such search is conducted or requisition is made
4[and for the relevant assessment year or years]:
Provided that the Assessing Officer shall assess or reassess the total income in respect of each
assessment year falling within such six assessment years 4[and for the relevant assessment year or
years]: