Time limits for completion of assessment or reassessments
169. (1) The Assessing Officer shall, subject to the provisions of the section, not make -
(a) any order of assessment under section 162 or section 163 after the expiry of -
(i) twenty-one months from the end of the financial year in which the return is furnished;
(ii) twenty-one months from the end of the financial year in which a notice under section 151 or section 152 was served, if no return is furnished;
(b) any order of reassessment under section 166 after the expiry of twenty-one months from the end of the financial year -
(i) in which the last of the authorisations was executed in the case of a person where search and seizure operation was carried out under section 139 or the material was obtained in pursuance to a requisition under section 140;
(ii) in which any material belonging to the person referred to in section 185 is handed over to his Assessing Officer under that sub-section;
(iii) in which the notice under section 166 is served, in any other case;
(c) any order of assessment in pursuance of an order under section 186 or section 190, setting aside or cancelling an assessment, after the expiry of twelve months from the end of the financial year in which the order is received by the Commissioner;
(d) any order of assessment in pursuance of an order under section 194, after the expiry of twelve months from the end of the financial year in which the order is passed under that section;
(e) any order of assessment, reassessment or recomputation in pursuance to the revival of any proceeding under this Code, after the expiry of twelve months from the end of the financial year in which the order of revival of the proceedings is received by the Commissioner.
(2) The assessing officer shall, in a case where an international transaction has been selected under section 160, not make an order of assessment for the financial year after the expiry of the period of twenty one months referred to in sub-section (1) or three months from the end of the month in which the report under that section is received, whichever is later.
(3) The provisions of sub-section (1) and sub-section (2) shall not apply in respect of assessment, reassessment or recomputation to be made in consequence of, or to give effect to, any finding or direction contained in any order-
(a) under section 186, section 190, section 192 or section 193; or
(b) of any court in a proceeding otherwise then by way of appeal or reference under this Code.
(4) In computing the period of limitation for the purpose of sub-section (1) and subsection (2), the following period or time shall not be included, namely:-
(a) the period commencing the date on which the application for Advance Pricing Arrangement is filed by the assessee and ending with -
(i) the date on which the order rejecteing the application is received by the Commissioiner; or
(ii) the date on which the copy of the Advance Pricing Agreement, entered under section 107, is received by the Commissioner;
(b) the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to the assessee to be re-heard under section 137;
(c) the period during which the assessment proceeding is stayed by an order or injunction of any court;
(d) the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited under section 158 and ending with the last date on which the assessee is required to furnish a report of such audit under that sub-section;
(e) the period commencing from the first day of the month in which the notice under section 161 is served on the assessee and ending with the last day of the month in which the order under that section is passed;
(f) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 152 and ending with the date on which the order rejecting the application is received by the Commissioner under sub-section (9) of that section; or
(g) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 152 and ending with the date on which the advance ruling pronounced by it is received by the Commissioner under sub-section (13) of that section.
(5) The period of limitation available to the Assessing Officer for making an order of assessment, reassessment or recomputation, shall not be less than sixty days, if the period immediately after the exclusion of the time or period specified in subsection (4) is less than sixty days.
(6) For the purpose of clause (c) and clause (d) of sub-section (1),-
(a) assessment of any income for a financial year shall be deemed to have been made in pursuance of an order under section 186, section 190 or section 194 for that financial year, if the order under those sections relates to another financial year and the income is excluded from the total income of the assessee for such other financial year; or
(b) assessment of any income in the case of an assessee shall be deemed to have been made in pursuance of an order under section 186, section 190 or section 194 for that assessee, if the order under those sections relates to another assessee and the income is excluded from the total income of such other assessee.
