Assessment

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....which set off of loss is claimed was furnished beyond the due date specified under section 263(1); or (v) disallowance of expenditure or increase in income indicated in the audit report but not taken into account in computing the total income in the return; or (vi) disallowance of deduction claimed under section 144 or under any of the provisions of Chapter VIII-C, if the return is furnished beyond the due date specified under section 263(1); (b) the tax, interest and fee, if any, shall be computed on the basis of the total income computed under clause (a); (c) the sum payable by, or the amount of refund due to, the assessee shall be determined after adjustment of the tax, interest and fee, if any, computed under clause (b) by- (i....

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....ation in the return" shall mean a claim, on the basis of an entry, in the return,- (i) of an item, which is inconsistent with another entry of the same or some other item in such return; or (ii) in respect of which the information required to be furnished under this Act to substantiate such entry has not been so furnished; or (iii) in respect of a deduction, where such deduction exceeds specified statutory limit which may have been expressed as monetary amount or percentage or ratio or fraction; (b) "the acknowledgement of the return" shall be deemed to be the intimation in a case where no sum is payable by, or refundable to, the assessee under sub-section (1)(c), and where no adjustment has been made under sub-section (1)(a). (6) ....

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....e has gathered, the Assessing Officer, subject to the provisions of sub-sections (11) and (13), shall- (a) by an order in writing, make an assessment of the total income or loss of the assessee; and (b) determine the sum payable by him or refund of any amount due to him on the basis of such assessment. (11) In the case of entities referred to in sub-section (12), which are required to furnish the return of income under section 263(1)(a)(iv), no order under sub-section (10) making an assessment of the total income or loss of any such entity shall be made by the Assessing Officer, without giving effect to the provisions of section 11, unless- (i) the Assessing Officer has intimated the Central Government or the prescribed authority the....