Time limit
for completion of block assessment.
158BE. 1[(1) The order under section 158BC shall
be passed—
(a) within one year from the end of the month in which
the last of the authorisations for search under section
132 or for requisition under section 132A, as
the case may be, was executed in cases where a search is initiated or books of
account or other documents or any assets are requisitioned after the 30th day
of June, 1995, but before the 1st day of January, 1997;
(b) within two years from the end of the month in
which the last of the authorisations for search under section
132 or for requisition under section 132A, as
the case may be, was executed in cases where a search is initiated or books of
account or other documents or any assets are requisitioned on or after the 1st
day of January, 1997.
(2) The period
of limitation for completion of block assessment in the case of the other
person referred to in section 158BD shall be—
(a) one year from the end of the month in which
the notice under this Chapter was served on such other person in respect of
search initiated or books of account or other documents or any assets
requisitioned after the 30th day of June, 1995, but before the 1st day of
January, 1997; and
(b) two years from the end of the month in which
the notice under this Chapter was served on such other person in respect of
search initiated or books of account or other documents or any assets are
requisitioned on or after the 1st day of January, 1997.]
2[Explanation 1.—In computing the period of limitation for the
purposes of this section,—
(i) the period during which the assessment
proceeding is stayed by an order or injunction of any court; or
(ii) the period commencing from the day on which the
Assessing Officer directs the assessee to get his accounts audited under
sub-section (2A) of section 142 and ending on the
day on which the assessee is required to furnish a report of such audit under
that sub-section; or
(iii) 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) in a case where an application made before the
Settlement Commission under section 245C is
rejected by it or is not allowed to be proceeded with by it, the period
commencing on the date on which such application is made and ending with the
date on which the order under sub-section (1) of section
245D is received by the Commissioner under sub-section (2) of that section,
shall be
excluded:
Provided that where immediately after the exclusion of
the aforesaid period, the period of limitation referred to in sub-section (1)
or sub-section (2) available to the Assessing Officer for making an order under
clause (c) of section 158BC 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.]
3[Explanation 2.—For the removal of
doubts, it is hereby declared that the authorisation referred to in sub-section
(1) shall be deemed to have been executed,—
(a) in the case of search, on the conclusion of
search as recorded in the last panchnama drawn in relation to any person in
whose case the warrant of authorisation has been issued;
(b) in the case of requisition under section 132A, on the actual receipt of the books of
account or other documents or assets by the Authorised Officer.]
