The Commissioner may, at any time—
(a) make, suo motu, an assessment in any case where a return on the basis of self-assessment has not been filed;
1[Provided that no such assessment for an assessment year shall be made after the lapse of seven years from the close of that assessment year.]
2[(b) revise any assessment where the information furnished in the return of self-assessment is found to be incorrect or reopen any assessment where it has been detected that there is wilful suppression of information; and]
3[(c)] impose a penalty not exceeding thirty per cent of the difference in tax arising from non-filing of a return in time, giving wrong information or wilful suppression of facts.]
Footnotes in the official text
- 1.Subs by Act 8 of 2026, s. 2 and Sch., for certain words (w.e.f. 15-5-2026).
- 2.Subs. by s. 2 and Sch., for clauses (b) and (c) (w.e.f. 15-5-2026).
- 3.Subs. by, s. 2 and Sch., for “d” (w.e.f. 15-5-2026).