Section 153B of ITA, 1961 : Section 153B: Time-Limit For Completion Of Assessment Under Section 153A

Explanation using Example

Imagine Mr. A is a business owner who has been subjected to a search and seizure operation by the Income Tax Department under section 132 on 30th March 2021. The officers found undisclosed income and incriminating evidence suggesting tax evasion for the past six years.

According to Section 153B of the Income Tax Act, 1961, the Assessing Officer (AO) now has a specific timeframe to complete Mr. A's assessment. This period is twelve months from the end of the financial year in which the search was conducted, which means the AO has until 31st March 2022 to complete the assessment for the year in which the search took place, as well as for the ...

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