Assessment
162. (1) The Assessing Officer shall, in pursuance to a notice issued under sub-section (1) of section 157, by an order in writing, make a scrutiny assessment of the tax bases of the assessee after taking into account,
(a) the evidence furnished by the assessee;
(b) the report of the Valuation Officer;
(c) the order of the Transfer Pricing Officer;
(d) the direction of the Commissioner under section 161;and
(e) the material in his possession, in respect of which an opportunity of being heard has been provided to the assessee.
(2) The Assessing Officer shall, on the basis of the scrutiny assessment, determine the sum payable by, or refundable to, the assessee after adjusting the sum paid by, or refunded to, the assessee in pursuance to the intimation issued under sub-section (2) of section 155.
(3) The Assessing Officer shall, regardless of anything to the contrary contained in this Act, in the first instance, forward a draft of the proposed order of assessment (hereinafter in this section referred to as the draft order) to the assessee if he proposes to make any variation in the income or loss returned which is prejudicial to the interest of such assessee.
(4) On receipt of the draft order, the assessee shall, within thirty days of the receipt by him of the draft order,-
(a) file his acceptance of the variations to the Assessing Officer; or
(b) file his objections, if any, to such variation to,-
(i) the Dispute Resolution Panel; and
(ii) the Assessing Officer.
(5) The Assessing Officer shall complete the assessment on the basis of the draft order, if-
(a) the assessee intimates to the Assessing Officer the acceptance of the variation; or
(b) no objections are received within the period specified in sub-section (2).
(6) The Assessing Officer shall, notwithstanding anything contained in section 146, pass the assessment order under sub-section (3) within one month from the end of the month in which,-
(a) the acceptance is received; or
(b) the period of filing of objections under sub-section (2) expires.
(7) Upon receipt of the directions issued under sub-section (5), the Assessing Officer shall, in conformity with the directions, complete the assessment within one month from the end of the month in which the direction is received notwithstanding anything to the contrary contained in section 146.
(8) No opportunity of being heard shall be required to be provided to the assessee for the purposes of sub-section (7).
(9) The provisions of sub-section (3) shall not apply if the variation is less than twenty five hundred thousand rupees.
