The Chairperson 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;
(b) revise any assessment where the information furnished in the return of self-assessment is found to be incorrect;
(c) reopen any assessment even after the period of one year and not exceeding seven years in any case where it has been detected that there is wilful suppression of information or misclassification or misrepresentation or collusion or fraud or forgery in respect of assessment or any connection thereof;
(d) 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 misclassification or misrepresentation or collusion or fraud or forgery in respect of assessment or any connection thereof; and
(e) suo motu examine or review any assessment made under this Act for the purposes of satisfying himself as to the legality or propriety of such decision or order,
he may order or direct such assessing authority to reassess the order or decision on such points as may be specified by him in the order.]