Section 153 ITA 1961 prescribes the TIME LIMIT for completion of REGULAR ASSESSMENT:
Answer & Solution
Correct answer: B.
1. Section 153 Income Tax Act 1961 prescribes TIME LIMITS for completion of assessment:
2. (i) Section 143(3) regular assessment: 21 MONTHS from the end of assessment year;
3. (ii) Section 144 best judgment assessment: 21 months;
4. (iii) Section 147 reassessment: time limits vary;
5. (iv) Transfer pricing cases: 33 months (Section 92CA(3A));
6. (v) Search/seizure cases: 21 months from end of FY in which search took place.
7. EXCLUSIONS: stay periods, transfer pricing reference periods, etc.
8. Section 153(1) limits AO time to ensure timely closure.
9. Hence option B is correct.
_Source: CS Executive Paper 4 Tax Laws (ICSI BoS) + Income Tax Act 1961 + CGST Act 2017 — Income Tax Act 1961, Section 153_
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