TMI BlogAssessmentX X X X Extracts X X X X X X X X Extracts X X X X ..... xpiry 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] consid ers 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 notice under this sub-section shall be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished.] (3) On the day specified in the notice issued under sub-section (2) or as soon afterwards as may be, after hearing such evidenc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 regu lar 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 provi sions of this Act shall apply accordingly. (7) 10 [Omitted by the Finance Act, 1999, w.e.f. 1-6-1999.] 11 [***] --------------------------- Notes:- 1. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Prior to its substitution, section 16, as amended by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965, stood as under : "16. Assessment. (1) If the Assessing Officer is satisfied without requiring the presence of the assessee or production by him of any evidence that a return made under section 14 or 15 is correct and complete, he shall assess the net wealth of the assessee and determine the amount of wealth-tax payable by him or the amount refundable to him on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, accounts or documents accompanying it, shall be rectified ; ( ii ) any exemption or deduction, which, on the basis of the information available in such return, accounts or documents, is prima facie admissible but which is not claimed or made in the return, shall be allowed ; ( iii ) any exemption or deduction claimed or made in the return, which, on the basis of the information available in such return, accounts or documents, is prima facie inadmissible, shall be disallowed : Provided further that where adjustments are made under the first proviso, an intimation shall be sent to the assessee, notwithstanding that no tax or interest is found due from him after making the said adjustments : Provided also that an intimation for any tax or interest due under this clause shall not be sent after t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -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 sub-section, "tax payable on such excess amount" means the difference between the tax on the net wealth and the tax that would have been chargeable had such net wealth been reduced by the amount of adjustments.' 4. Before omission, sub-section (1B), as inserted by the Finance Act, 1990, w.r.e.f. 1-4-1989, read as under: "(1B) Where an assessee furnishes a revised return under section 15 after the issue of an intimation, or the grant of refund, if any, under sub-section (1) of this section, the provisions of sub-sections (1) and (1A) of this section shall apply in relation to such revised return and ( i ) the intimation already sent for any wealth-tax, additional wealth-tax or interest shall be amended on the basis of the said revised return and where any amount payable by way of wealth-tax, additional wealth-t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... econd Amendment) Act, 1989, w.e.f. 1-4-1989. 10. Before omission, sub-section (7), as inserted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1989, read as under : "(7) The provisions of this section as they stood immediately before their amendment by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), shall apply to and in relation to any assessment for the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year and references in this section to the other provisions of this Act shall be construed as references to those provisions for the time being in force and applicable to the relevant assessment year." 11. Explanation omitted by the Finance Act, 1999, w.e.f. 1-6-1999. Prior to its omission, Explanation , as inserted by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991, read as under: "Explanation. An intimation sent to the assessee under sub-section (1) or sub-section (1B) shall be deemed to be an order for the purposes of sub-section (1) of section 25." - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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