Assessment.
155. (1) The Assessing Officer shall, consequent to a notice issued under sub-section (2) of section 150, by an order in writing, make an assessment of the tax bases of the assessee after taking into account—
(a) the evidence furnished by the assessee;
(b) the report of audit under section 151, if any;
(c) the report of the valuation officer, if any;
(d) the order of the Transfer Pricing Officer, if any;
(e) the direction of the Commissioner under section 154, if any;
(f) the direction of the Joint Commissioner under section 157, if any; and
(g) 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 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 149.
(3) Where an assessment has been made under this section—
(a) any tax or interest paid by the assessee under sub-section (1) of section 149 shall be deemed to have been paid towards such assessment;
(b) if no refund is due on assessment or the amount refundable under subsection (1) of section 149 exceeds the amount refundable on assessment, the whole of the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Code shall apply accordingly.
(4) The Assessing Officer shall, notwithstanding anything in this Code, 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 eligible assessee if he proposes to make any variation in the income or loss returned which is prejudicial to the interests of such assessee.
(5) On receipt of the draft order, the eligible assessee may, within a period of 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 variations to—
(i) the Dispute Resolution Panel; and
(ii) the Assessing Officer.
(6) The Assessing Officer shall complete the assessment on the basis of the draft order, if—
(a) the eligible assessee intimates to the Assessing Officer the acceptance of the variations; or
(b) no objections are received within the period specified in sub-section (5).
(7) The Assessing Officer shall, notwithstanding anything in section 163, pass the assessment order within a period of 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 (5) expires.
(8) Upon receipt of the directions issued under sub-section (2) of section 158, the Assessing Officer shall, in conformity with the directions, complete the assessment within a period of one month from the end of the month in which the direction is received notwithstanding anything in section 163, without providing any further hearing in the matter.
(9) In this section, "eligible assessee" means—
(a) any person in whose case the variation arises as a consequence of the order of the Transfer Pricing Officer passed under sub-section (3) or sub-section (4) of section 153;
(b) any foreign company;
(c) any person in whose case the variation arises as a consequence of the directions of the Commissioner under sub-section (3) of section 154; or
(d) any class or classes of persons as may be prescribed.
