Assessment procedure: intimation treated as notice; AO may call evidence, estimate gifts, or refer valuation for fair market value.

Section 15 provides that processing a return leads to an intimation deemed a notice of demand for any tax or interest found payable, with refunds granted where due; the Assessing Officer must correct arithmetic errors, allow or disallow prima facie admissible or inadmissible deductions, verify returns by requiring attendance or production of evidence within specified limitation periods, assess gifts by written order, estimate values to the best judgment where returns or cooperation are lacking, and may refer valuation questions to the Valuation Officer under prescribed conditions.

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