(1) No assessment under section 46 or section 47 shall be made after the 30th day of June next following the expiry of two years from the end of the year in respect of which or part of which the assessment is made.

Provided that any assessment under section 46 in respect of the year that ended on the 31st day of March, 2006 or part of such year shall, notwithstanding the provision of this sub-section, be made on or before the 30th day of November, 2008;

Provided further that where, an assessment under sub-section (5) of section 43 is required to be made by the Commissioner in respect of a year or part of a year, such assessment shall, notwithstanding the provisions of this sub-section, be made within the date, as referred to in this sub-section, after which no assessment may be made or at any time within six months from the date of preparing the report under sub-section (3) of Section 43, whichever is later:

Provided also that where an assessment under sub-section (1) of section 46 is required to be made by the Commissioner for any refund pertaining to that period by the Commissioner, such assessment shall, notwithstanding the provisions of this sub-section, be made within the date after which no assessment shall be made as referred to in this sub-section, or at any time within two years from the date of refund, whichever is later:

Provided also that where an assessment under section 46 is required to be made after restoration of certificate of registration of a dealer under sub-section (4) of section 29, such assessment may be made, notwithstanding the provision of this sub-section, within a year from the date of order passed for the restoration of the certificate of registration.

Provided also that a dealer who has furnished return under the fifth proviso to sub-section (2) of section 32, assessment under section 46 may, notwithstanding anything contained in this section, be made on or before the 31st day of December, 2014.

(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 assessment is made.

(b) No assessment under sub-section (2) 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 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, section 87 or section 87A, or in pursuance of any order of the Tribunal or any court, such fresh assessment may be made at any time within two years from the end of the month in which such order is received by the appropriate assessing authority.

(4) In computing the time limited by sub-section (1), sub-section (2), or sub-section (3), for making any assessment under section 46, or section 47, or section 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.