Assessment of non-filers of returns – Assessment
(1) Where a registered taxable person fails to furnish the return required under section 34 or section 40, even after the service of a notice under section 41, the proper officer may proceed to assess the tax liability of the said person to the best of his judgement taking into account all the relevant material which is available or which he has gathered and issue an assessment order within the time limit specified in sub-section (8) of section 67.
(2) Where the taxable person furnishes a valid return within thirty days of the service of the assessment order under sub-section (1), the said assessment order shall be deemed to have been withdrawn.
Explanation.— Nothing in this section shall preclude the liability for payment of interest under section 45 and/or for payment of late fee under section 42.
Create a free account to get access and start
creating something amazing right now!