Limitation for Assessment.
49. (1) No assessment under section 46 or section 47 shall be made after the 30thday of June next following the expiry of two years from the end of the yearin respect of which or part of which the assessment is made.
Provided that any assessment under section 46 in respect of the year that endedon the 31st day of March, 2006 or part of such year shall, notwithstanding the provisionof this sub-section, be made on or before the 30th day of November, 2008:
Provided further that where an assessment under clause (ca) of sub-section (1)of section 46 is required to be made by the Commissioner in respect of a year or partof a year, such assessment shall, notwithstanding the provisions of this sub-section, bemade within the date, as referred to in this sub-section, after which no assessment maybe made or at any time within six months from the date of preparing the report undersub-section (3) of section 43, which ever is later:
Provided also that the provisions of the second proviso shall apply where anassessment under sub-section (1) of section 46 is required to be made in accordancewith the provision of sub-section (5) of section 43 not only for the reason as containedin clause (ca) of sub-section (1) of section 46 but also for any other reason as containedin other clauses of that sub-section of section 46:
Provided also that the provisions of the second proviso shall apply where anassessment under sub-section (1) of section 46 is required to be made in accordancewith the provision of sub-section (6) of section 43.
Provided also that where an assessment under clause (e), or clause (ea), of subsection
(1) of section 46 is required to be made by the Commissioner, such assessmentshall, notwithstanding the provisions of this sub-section, be made within the date afterwhich no assessment shall be made as referred to in this sub-section, or at any timewithin two years from the date of refund, whichever is later.
(2) (a) No assessment under sub-section (1) of section 48 shall be made after the 30th day of June next following the expiry of six years from the end of the year in respect of which or part of which the assessmentis made.
(b) No assessment under sub-section (2) of section 48 shall be made afterthe 30th day of June next following the expiry of six years from theend of the year during which sales or purchases as referred to in clause (a) and clause (b) of section 15 were made for which the assessment is required to be made.
(3) Notwithstanding anything contained in sub-section (1), or sub-section (2), when a fresh assessment is required to be made in pursuance of an order under section 84, section 85, section 86 or section 87, or in pursuance of any order of the Tribunal or any court, such fresh assessment may be made at any time within two years 10[from the end of the month in which such order is received by the appropriate assessing authority.
(4) In completing the time limited by sub-section (1), sub-section (2), or subsection (3), for making any assessment under section 46, or section 47, orsection 48, the period during which the Commissioner is restrained from commencing or continuing any proceedings from such assessment by an order of an authority under the Act, or a Tribunal or any court shall be excluded. |