Time limit for completion of block assessment [ Section 158BE ] - Income Tax - Ready Reckoner - Income Tax

Time limit for completion of block assessment [ Section 158BE ] Time Limit for completion of block Assessment [ Section 158BE(1) ] Time Limit for issuing order under Section 158BC Notwithstanding the provisions of section 153 , the order under section 158BC shall be passed within twelve months from the end of the month in which the last of the authorisations for search under section 132 , or requisition under section 132A , was executed or made, as the case may be: Extension of time limit for issuing order under section 158BC in Cases Involving Search or Requisition and Transfer Pricing References In a case where search under section 132 was initiated, or requisition under section 132A was made, and during the course of the proceedings for the assessment or reassessment of the total income of the relevant block period, any reference under of section 92CA(1) is made, the period available for making an order of assessment or reassessment in respect of the block period shall be extended by twelve months. [ First Proviso of section 158BE(1) ] Time period exclude while computing the period limitation under section 158BE(1) [ Section 158BE(2) ] In computing the period of limitation under section 158BE(1) , the period (not exceeding 180 days) commencing from the date on which a search is initiated under section 132 or a requisition is made under section 132A and ending on the date on which the books of account, or other documents or money or bullion or jewellery or other valuable article or thing seized under section 132 or requisitioned under section 132A , as the case may be, are handed over to the Assessing Officer having jurisdiction over the assessee, in whose case such search is initiated under section 132 or such requisition is made under section 132A , as the case may be, shall be excluded. Provided that where after exclusion of the period referred to in section 158BE(2), the period of limitation for making an order of assessment or reassessment, as the case may be, expires before the end of a month, such period shall be extended to the end of such month. Time Limit for completion of block Assessment other than person referred under section 158BD [ Section 158BE(3) ] Time Limit for issuing order under Section 158BC The period of limitation for completion of assessment or reassessment for the block period in the case of the other person referred to in section 158BD shall be twelve months from the end of the month in which the notice under section 158BC in pursuance of section 158BD , was issued to such other person: Extension of time limit for issuing order under section 158BC in Cases Involving Search or Requisition and Transfer Pricing References In case where during the course of the proceedings for the assessment of undisclosed income of the block period in case of other person referred to in section 158BD, a reference under section 92CA(1) is made, the period available for making an order of assessment in respect of the block period in case of such other person shall be extended by twelve months. In the computation of time period limitation under section 158BE following time period shall be exclude [ Section 158BE(4) In computing the period of limitation under this section, the following period shall be excluded, (i) Stay period - the period during which the assessment proceeding is stayed by an order or injunction of any court; or (ii) Period of exchange of information - 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 (iii) Period of reopening or Re-hearing of proceeding - the time taken in reopening the whole or any part of the proceeding or giving an opportunity to the assessee to be re-heard under the proviso to section 129 ; or (iv) Period of audit of books of account or valuation of Inventory - the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited or inventory valued under section 142(2A) and (a) ending with the last date on which the assessee is required to furnish a report of such audit or inventory valuation 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) Period of Estimate by valuation officer - the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under section 142A(1) and ending with the date on which the report of the Valuation Officer is received by the Assessing Officer; or (vi) Period of intimation and receipt of order withdrawing the approval or rescinding the notification - the period commencing from the date on which the Assessing Officer intimates the Central Government or the prescribed authority, the contravention of the provisions of clause (21) or clause (22B) or clause (23A) or clause (23B) of section 10 , under sub-clause (i) of the first proviso to section 143(3) and ending with the date on which the copy of the order withdrawing the approval or rescinding the notification, as the case may be, under those clauses is received by the Assessing Officer; or (vii) Period of referral and receipt of order under section 10(23C) or 12AB(4) - the period commencing from the date on which the Assessing Officer makes a reference to the Principal Commissioner or Commissioner under the second proviso to section 143(3) and ending with the date on which the copy of the order under clause (ii) or clause (iii) of the fifteenth proviso to section 10(23C) or clause (ii) or clause (iii) of section 12AB(4) , as the case may be, is received by the Assessing Officer; or (viii) Period of reference and direction of impermissible avoidance arrangement - 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 section 144BA(1) 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 section 144BA is received by the Assessing Officer; or (ix) Period of application and rejection of advance ruling - the period commencing from the date on which an application is made before the Authority for Advance Rulings or before the Board for Advance Rulings under section 245Q(1) and ending with the date on which the order rejecting the application is received by the Principal Commissioner or Commissioner under section 245R(3) ; or (x) Period of application and pronounced of advance ruling - the period commencing from the date on which an application is made before the Authority for Advance Rulings or before the Board for Advance Rulings under section 245Q(1) and ending with the date on which the advance ruling pronounced by it is received by the Principal Commissioner or Commissioner under section 245R(7) : Provided that where immediately after the exclusion of the aforesaid period, the period of limitation referred to in sub-section (1) or sub-section (3) available to the Assessing Officer for making an order under section 158BC(1)(c) 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 further that where after extension of the period referred to in the first proviso, the period of limitation for making an order of assessment or reassessment, as the case may be, expires before the end of a month, such period shall be extended to the end of such month.