Amendment status not verified — confirm the current text below against the official source.
Assessment of an assessee. (1) If the assessing authority is satisfied that the return filed by any assessee is correct and complete, it shall accept the return. (2) (a) If the assessing authority is not satisfied that the return filed is correct and complete, it shall serve upon the assessee anotice requiring him, on a date and time and place specified in the notice, to attend in person or through authorized representative and to produce or caused to be produced account and papers in support of the return. (b) the assessing authority shall on examination ofthe account and papers, by an order in writing, assess the amount of tax payable by the assessee. (c) If the assessee fails to comply with the terms of notice, or if in the opinion of the assessing authority the accounts and papers are incorrect or incomplete or unreliable such authority shall, after such inquiry as it may deemed fit or otherwise, by an order in writing assess the tax to the best of its judgment. (3) The amount of tax due fiom any assessee shall be assessed separately for each year during which he is liable to pay tax: Provided that the assessing authority may, subject to such conditions as may be prescribed andfor reasons to be recorded in writing, assess the tux due from any assessee during any part of a year: Providedhrther that where a registered assessee fails to furnzsh a return for any part of a year; the assessing authority may, f i t thinh Jit, assess the tax due from such assessee separately for diSferentparts of such year (4) If any assessee fails to get himselfregistered or beingregistered fails to file any return, the assessing authority shall, after giving the assessee areasonable opportunity of being heard and after holdmg such inquiry as it may deem fit or otherwise, pass an order assessing the amount of tax due to the best of its judgment. (5) No assessment under sub-section (2), sub-section (30 or sub-section (4) shall be made after expiry of four years Gom the end of the year in respect ofwhich or part ofwhich the assessment is made: Provided that any assessment in respect of a~ of the years or parfs of years ending on or before the 30" day of September,, 2011, shall, nohvzthstanding the provisions of this sub-section, be made on or before the 3P' duy of March, 2015. (6) In making an assessment under sub-section (2) or sub-section (4), the assessing authority if it is satisfied that the default was due to willful non- disclosure of information or attempt to evade the tax by the assessee, the assessing authority may also diict to pay in addition to the tax assessed but which shall not exceed three times the tax so assessed: Provided that no penalty under this sub-section shall be imposed unless the assessee affected has had a reasonable opportunity of showing cause against the imposition of such penalty. (7) The amount of tax so assessed, shall be paid within fifteen days of receipt of the notice of demand from the assessing authority.