Time limit for assessments: statutory two year limit with exceptions for reassessment and orders giving effect to appellate directions.

Section 10A limits assessment and reassessment of interest: assessments under section 8 are barred after two years from the end of the assessment year when interest first became assessable; assessments or reassessments under section 10 are barred after two years from the end of the financial year in which the notice was served. Fresh assessments may be made within two years from the end of the financial year in which certain Commissioner's orders under sections 15, 16, 19 or 20 are received or passed. Consequential assessments to give effect to findings or directions in specified orders or court proceedings are not time barred, and time spent reopening proceedings or under court stay is excluded from the limitation period.

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