Amendment status not verified — confirm the current text below against the official source.
(1) If the arsossing authority is satifed that the return furnished-by an asras&e: is correct and complete, he may accept the return and if the return appears to h,im . to be incorrect or incomplete he shall, after giving the assessee reasonable : opporlunity of proving the correctness or completeness of the return furnished by him and making such enquiry as he deems. necessary, assess to the best of his judgment, . . ,. . , , . . the amount of tax due from the assessee. ... ,.-. . (2) The amount of tax due from any assessee shall ba assessed separately for , , . .,,,. .- , . .-,* each '$ar within .a period of five from the expity of the year to which tho .::, assessment ,mIates. . , . I ' . .. : : -3 (3) If any assessep has failed to get himself registered or having ,been..registerad has failed to . furiish the required return, the assessing authority, shill, m.aRergiv&Ig, the asses&, 8 reasonable oppox'tunity ,of making representation and after mak~.qg, such eiiquiry 'as ha deems nmssaty pass an order assessing the amouof 0[.:tUq,: . .. .. . ... - due to the best of his judgement. - . (4) The amount oftax so assessed shall be paid within fifleen days of reecipt of the notice of demand From the assessing authority, . , , . (5) krnaking an asscssmcit under sub-scdioa (I), the assessing authority, if he is satisfied. that the. escapcd assessment was due to wilfiil non-disdosure af information or attempt to evade the tax by the assessr e, may also dirtct to pay in addition to the tax asscsscd, a penally which shall not be less t ban onc and half times the tax so assessed but which shall not exceed lhree time the tax so assessed: ... Provided that. no. penalty under this sub-section shall -be .imposed, unless tho ?ssesseea affected has had a reasonable opportunity OF sbowjng cause against the ~mpositlon of such penalty. Arswmeni - .9. If for any reason any tax paynble under this Act has escaped assessment or has Capcd or becn under-asseslcd or assessed at a lower rate than the rate at which it is assesrablc, a r m t a ~ the assessing authority may, at any time within fivc years from the expiry of the year to which the tax relates, proceed to assess or reassess ihe tax, as the case may be, to the best of his judgment, after issuing a notice to the assessce- concerned and after making such enquiry as he considers necessary : Provided that the tax shall be charged at the rate at which it would have been charged if such tax had not escapcd assessment or, as the case may be, had not been under-assessed or assessed at a ratc lower than the rate at whichit was assessable. Pelmen t 01