Amendment of section 153

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..... ii) after the words "cancelling an assessment,", the words, letters and figures "or an order under section 92CA, as the case may be" shall be inserted; (c) in sub-section (5),-- (i) after the words "Assessing Officer" wherever they occur, the words "or the Transfer Pricing Officer, as the case may be," shall be inserted; (ii) after the words "fresh assessment or reassessment", the words, figures and letters "or fresh order under section 92CA, as the case may be," shall be inserted; (d) after sub-section (5), the following sub-section shall be inserted, namely:-- "(5A) Where the Transfer Pricing Officer gives effect to an order or direction under section 263 by an order under section 92CA and forwards such order to the Assessing Offi .....

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..... essee,-- (a) in whose case such search is initiated under section 132 or such requisition is made under section 132A; or (b) to whom any money, bullion, jewellery or other valuable article or thing seized or requisitioned belongs to; or (c) to whom any books of account or documents seized or requisitioned pertains or pertains to, or any information contained therein, relates to; or"; (III) after clause (xii), before the longline, the following clause shall be inserted, namely:-- "(xiii) 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 sub-section (3) of section 143 and ending with the date on which the copy of the order und .....

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..... g Officer shall proceed to modify the order of assessment or reassessment or recomputation, in conformity with such order of the Transfer pricing Officer, within two months from the end of the month in which such order of the Transfer Pricing Officer is received by him. It is also proposed to amend sub-section (6) to make a reference of the newly inserted sub-section (5A) therein. These amendments are proposed consequent to the amendments made in section 263. Explanation 1 to the said section provides the time limit in certain cases which are required to be excluded while computing the period of limitation under the said section. It is also proposed to amend clause (iii) of the said Explanation so as to omit the reference of "sub-clause .....

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