Clause 150 - Notice for inquiry before assessment. - Direct Taxes Code, 2010

Notice for inquiry before assessment. 150. (1) An Assessing Officer may make an assessment on receipt of return under section 144 or section 146, if he considers it necessary or expedient to ensure that the assessee has not understated his tax bases or computed excessive loss or allowance or underpaid the tax in any manner. (2) For the purposes of making an assessment, the Assessing Officer shall serve on any assessee a notice requiring him, on a date to be specified therein— (a) to attend his office or to produce, or cause to be produced, evidence, if any, on which the assessee may rely in support of the return; (b) to produce, or cause to be produced, such accounts or documents (not relating to a period more than six years prior to the relevant financial year) as the Assessing Officer may require; or (c) to furnish in writing, and verified in the prescribed manner, information in such form and on such matters (including a statement of all assets and liabilities of the assessee, whether included in the accounts or not) as the Assessing Officer may require. (3) The Assessing Officer shall obtain the prior approval of the Joint Commissioner before requiring the assessee to furnish the statement of all his assets and liabilities not included in the accounts for the relevant financial year. (4) The Assessing Officer may make such inquiry, as he considers necessary, for the purpose of obtaining full information in respect of tax bases of any person for the relevant financial year. (5) No notice under sub-section (2) shall be served on the assessee after the expiry of a period of six months from the end of the financial year in which the return is furnished.