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of <h1>Tax Assessment Process: Officer Evaluates Evidence, Issues Draft Order Under Section 150; Assessee Has 30 Days to Respond.</h1> The Assessing Officer is tasked with making a tax assessment based on evidence, audit reports, valuation officer reports, and other relevant materials, following a notice under section 150. The officer determines the sum payable or refundable after adjustments. Taxes or interest paid are credited towards the assessment, and excess refunds are treated as payable taxes. A draft order is sent to the eligible assessee if variations in income or loss are prejudicial. The assessee has 30 days to accept or object to the variations. The assessment is finalized within a month after acceptance or objection period expiration. Eligible assessees include those affected by Transfer Pricing Officer orders, foreign companies, or as prescribed.
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