Submission requesting for deferment of timeline for completing assessments for 3 successive Assessment Years under the Income Tax Act, 1961

S.153 of the Income Tax Act, 1961 (IT Act) provides the period within which the assessment has to be completed and the last date for passing assessment order is to be calculated under the said section by reference to period of 12/18/21 months as provided in the section for different assessment years. Further, in case a reference is made to the Transfer Pricing Officer under S. 92CA (TP cases) during the course of assessment proceedings, the time limit mentioned hereinabove is further extended by 12 months.