TaxTMI 
TaxTMI 
Assessment
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....aimed, if return of the tax year for 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 ^2[****] 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, in....
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....ear in which the return is made. (5) For the purposes of sub-sections (1) to (4),- (a) "an incorrect claim apparent from any information 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 inti....
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....erwards as may be, after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into account all relevant material which he 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 i....
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....sment under sub-section (10), where the Assessing Officer is satisfied that the activities of the university, college or other institution referred to in section 45(3)(a) (herein referred to as entity) are not being carried out in accordance with all or any of the conditions subject to which such entity was approved, then-- (a) he may, after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned entity, recommend to the Central Government to withdraw the approval; and (b) the Central Government may by order, withdraw the approval and forward a copy of the order to the concerned entity and the Assessing Officer. (15) Where a regular assessment under sub-section (10) or section 2....