
Extract of the Act:
Section 153(3) of the Income Tax Act, 1961, specifies the time limit for the completion of a fresh assessment in cases where an order under sections 254, 263, or 264 has set aside or cancelled an evaluation. It reads as follows:
Notwithstanding anything contained in sub-sections (1), (1A), (2), and (2A), an order of fresh assessment in pursuance of an order under section 254 or section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of nine months from the end of the financial year in which the order under section 254 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Principal Commissioner or Commissioner.