Assessment Procedure: Assessing Officer must issue specified notices and consider evidence before determining taxable income or refunds.

Amendment to section 143 prescribes that the Assessing Officer shall serve notices specifying inadmissible claims and require supporting evidence, or broader notices to verify understatement of income or overstatement of loss, subject to a twelve month limitation from the end of the month in which the return is furnished; after hearing evidence and considering material the Assessing Officer must make a written order allowing or rejecting claims and determine total income or loss and sums payable or refundable, and special proviso requires intimation to and withdrawal of approval by the Central Government before assessing certain exempt entities.

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