Section 11 of the Black Money Act required completion of assessment within two years from the end of the financial year in which notice under section 10(1) was issued, so a notice dated 10-04-2018 meant the assessment had to be completed by 31-03-2021 unless a valid exclusion applied. The exchange-of-information exclusion did not apply because the relevant FT & TR references had already been made and the information received before proceedings began. TOLA and Notification No. 113/2021 did not save the delay, as that notification extended time only for the Income-tax Act and the Benami Transactions Act. The assessment order passed on 17-02-2022 was therefore quashed as time-barred.
Section 11 of the Black Money Act required completion of assessment within two years from the end of the financial year in which notice under section 10(1) was issued, so a notice dated 10-04-2018 meant the assessment had to be completed by 31-03-2021 unless a valid exclusion applied. The exchange-of-information exclusion did not apply because the relevant FT & TR references had already been made and the information received before proceedings began. TOLA and Notification No. 113/2021 did not save the delay, as that notification extended time only for the Income-tax Act and the Benami Transactions Act. The assessment order passed on 17-02-2022 was therefore quashed as time-barred.
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