Assessment procedure under Wealth-tax Act: intimation or refund following return, with notices and assessment powers. Assessment procedure requires that where tax or interest is found due on a return an intimation (deemed notice of demand) be sent and refunds be granted where due; the Assessing Officer must adjust declared net wealth for arithmetical errors, prima facie admissible omissions, and prima facie inadmissible claims. The Assessing Officer may summon the assessee to produce evidence, require returns or documents from persons, and after hearing determine net wealth by written order; failure to furnish returns or comply with notices permits assessment to the best of the Assessing Officer's judgment after giving an opportunity to show cause.
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Assessment procedure under Wealth-tax Act: intimation or refund following return, with notices and assessment powers.
Assessment procedure requires that where tax or interest is found due on a return an intimation (deemed notice of demand) be sent and refunds be granted where due; the Assessing Officer must adjust declared net wealth for arithmetical errors, prima facie admissible omissions, and prima facie inadmissible claims. The Assessing Officer may summon the assessee to produce evidence, require returns or documents from persons, and after hearing determine net wealth by written order; failure to furnish returns or comply with notices permits assessment to the best of the Assessing Officer's judgment after giving an opportunity to show cause.
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