94. ¹[(1) Subject to the provisions of sub-sections (2) and (3), after the expiry of-

(a) two years from the end of the assessment year in which the income was first assessable if the assessment is to be made as a result of audit under section 82BB;

(b) three years from the end of the relevant assessment year in which the income was first assessable if the assessment is to be made under section 107C; or

(c) six months from the end of the assessment year in which the income was first assessable if the assessment is to be made in a case other than the cases mentioned in clause (a) or (b);

no order of assessment under the provisions of this Chapter, in respect of any income, shall be made.

(2) An assessment under section 93 may be made within two years from the end of the year in which the notice under sub-section (1) of section 93 was issued.]

(3) Notwithstanding anything contained in this section, limiting the time within which any action may be taken, or any order or assessment may be made, order or assessment, as the case may be, to be made on the assessee or any other person in consequence of, or to give effect to, any finding or direction contained in an order under sections 120, 121, ²[* * *] 156, 159, 161 or 162 or, in the case of a firm, an assessment to be made on a partner of a firm in consequence of an assessment made on the firm, ³[or an agreement reached under section 152O, shall be made within thirty days from the date on which the order or the agreement] was communicated] ⁴[and communicate such revised order to the assessee within thirty days next following] ⁵[:

Provided that where an order of assessment has been set aside by any authority in that case the assessment shall be made within ⁶[sixty] days from the date on which the order was communicated to him.]

Explanation I.-Where by an order under ⁷[sections 120, 121A, 156, 159, 161 or 162], any income is excluded from the total income of the assessee for an assessment year, an assessment of such income for another assessment year shall, for the purposes of this section, be deemed to be one made in consequence of, or to give effect to, any finding or direction contained in the said order.

Explanation II.-Where by an order under ⁸[sections 120, 121A, 156, 159, 161 or 162], any income is excluded from the total income of one person and held to be the income of another person, an assessment of such income of such other person, shall, for the purposes of this section, be deemed to be one made in consequence of or to give effect to, any finding or direction contained in the said order.

⁹[(4) where the Deputy Commissioner of Taxes fails to give effect to any finding or direction contained in an order referred to in sub-section (3) within the period stipulated therein, such failure of the Deputy Commissioner of Taxes shall be construed as misconduct.]