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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Direct Taxes Code Bill, 2009: Clause 162 Defines Tax Assessment Procedure and Assessee's Rights to Accept or Object.</h1> Clause 162 of the Direct Taxes Code Bill, 2009, outlines the procedure for tax assessment by the Assessing Officer. The officer must conduct a scrutiny assessment considering evidence from the assessee, reports from valuation and transfer pricing officers, and directions from the Commissioner. A draft order is issued if variations in income or loss are proposed, allowing the assessee 30 days to accept or object. If accepted or unchallenged, the assessment is completed based on the draft. The officer must finalize the assessment within a specified timeframe, and no hearing is required if the variation is under 2.5 million rupees.
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