TaxTMI 
TaxTMI 
Assessment
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.... is payable by the assessee or no refund is due to him : Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assessment year in which the net wealth was first assessable.] ^3[(1A) [Omitted by the Finance Act, 1999, w.e.f. 1-6-1999.] ^4[(1B) [Omitted by the Finance Act, 1999, w.e.f. 1-6-1999.] (2) ^5[Where a return has been made under section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of this section, the Assessing Officer shall, if he] consid­ers it necessary or expedient to ensure that the assessee has not understated the net wealth or has not underpaid the tax in any manner, ^6[* * *] serve on the assessee a notice requiring him, on a date to be specified therein, either to attend at the office of the Assessing Officer or to produce, or cause to be produced there, any evidence on which the assessee may rely in support of the return : ^7[Provided that no n....
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....on on the basis of such assessment : Provided that such opportunity shall be given by the Assessing Officer by serving a notice calling upon the person to show cause, on a date and time to be specified in the notice, why the assessment should not be completed to the best of his judgment : Provided further that it shall not be necessary to give such opportunity in a case where a notice under sub-section (4) has been issued prior to the making of the assessment under this sub-section.] ^9[(6) Where a regular assessment under sub-section (3) or sub-section (5) is made,- (a) any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regu­lar assessment ; (b) if no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provi­sions of ....
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....yable by the person or the amount refundable to him on the basis of such assessment." 2. Substituted by the Finance Act, 1999, w.e.f. 1-6-1999. Prior to its substitution, sub-section (1), as amended by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989 and Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989, read as under : "(1)(a) Where a return has been made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4),- (i) if any tax or interest is found due on the basis of such return after adjustment of any amount paid by way of tax or interest, an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice issued under section 30 and all the provisions of this Act shall apply accordingly ; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee : Provided that in computing the tax or interest payable by, or refundable to, the assessee, the following adjustments shall be made in the net wealth declared in the return, namely :- (i) any arithmetical errors in the return, account....
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....n the return by any amount, the Assessing Officer shall,- (i) further increase the amount of tax payable under sub-section (1) by an additional wealth-tax calculated at the rate of twenty per cent of the tax payable on such excess amount and specify the additional wealth-tax in the intimation to be sent under sub-clause (i) of clause (a) of sub-section (1) ; (ii) where any refund is due under sub-section (1), reduce the amount of such refund by an amount equivalent to the additional wealth-tax calculated under sub-clause (i). (b) Where as a result of an order under section 23 or section 24 or section 25 or section 27 or section 29 or section 35, the amount on which additional wealth-tax is payable under clause (a) has been increased or reduced, as the case may be, the additional wealth-tax shall be increased or reduced accordingly, and,- (i) in a case where the additional wealth-tax is increased, the Assessing Officer shall serve on the assessee a notice of demand under section 30 ; (ii) in a case where additional wealth-tax is reduced, the excess amount paid, if any, shall be refunded. Explanation.-For the purposes of this ....