Amendment status not verified — confirm the current text below against the official source.
(5) (1) (2) , (3) (1) (2) 78 Where the registered person is entitled to a refund consequent to the order for final assessment under sub- section (3), subject to the provisions of sub-section (8) ofsection54, interestshallbepaidonsuchrefimdas providedin section56. The proper officer may scrutinize the return and related particulars furnished by the registered person to verify the correctness of the return and inform him of the _ discrepancies noticed, if any, in such manner as may be prescribed and seek his explanation thereto. Incasetheexplamflonisfoundacceptabletheregistered person shall be informed accordingly and no further ‘ actionshallbetakeninthisregard.‘ ' In caseno satisfactory explanationis firrnished within aperiodofthirtydaysofbeinginformedbytheproper officerorsuchfirrtherperiodasmaybepermittedby himorwhaethemgistaedpersonafieraccepting thedisaepandmfailstotakethecorrectivemeasure inhisreturn forthe'rnonth in whichthediscrepancy is accepted, the proper oilicer may initiate appropriate action including those under section 65 or section660r section67, orproceedtodeterminethetaxandother " duesundersection73orsection74. "Notwithstanding anything to the contrary contained in section 73 or section 74, where a registered person fails to furnish the return under section39 or section 45, even after the service ofa notice under section 46, the proper officer may proceed to assess the tax'liability ofthe said ‘ person to the best ofhis judgment taking into account all the relevant material which is available or which he has gathered and issue an assessment order within a period offive years from the date specified under section 44 for finishing of the annual return for the financial ’ year to which thetax nOt paid relates. Where the registered person furnishes a valid return within thirty days ofthe service ofthe assessment order runder sub-section (1), the said assessment order shall " be deemed to have been withdrawn but the liability for payment of interest under sub—section (1) of section 50 or forpaymentoflate fee under section 47 shall continue. Scrutinyofreturns Assessment ofnon-filers ofreturns. 79