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Time limit for assessment under Section 153(1) for AY 2024-25 is:
A24 months (per relevant Section)
B21 months
C12 months from end of AY (31 March 2026)
D18 months
Answer & Solution
Correct answer: C. 12 months from end of AY (31 March 2026)
1. Section 153 prescribes time limits.
2. For AY 2024-25 onwards: 12 months from end of AY.
3. Earlier 21 months; reduced progressively. TP cases get extra 12 months.
_Source: ICAI BoS CA Final Paper 7, Ch 15 "Assessment Procedure"_
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