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of <h1>Section 11 of Black Money Act: Two-Year Limit for Assessments, Exceptions Apply for Orders Under Section 18 and More.</h1> Section 11 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, establishes a two-year time limit for completing assessments and reassessments from the end of the financial year in which the notice was issued. Exceptions exist for fresh assessments following orders under section 18 or other specified sections, allowing completion within two years from when the relevant order is received. The period of limitation excludes time taken for reopening proceedings, court-ordered stays, or delays in receiving information under international agreements, with a minimum of sixty days ensured for the Assessing Officer to finalize assessments.
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