if any tax or interest is found due on the basis of such return, after adjustment of any amount paid by way of tax or interest, then, without prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 30 and all the provisions of this Act shall apply accordingly; and

if any refund is due on the basis of such return, it shall be granted to the assessee and an intimation to this effect shall be sent to the assessee:

Provided that except as otherwise provided in this sub-section, the acknowledgment of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him:

Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assessment year in which the net wealth was first assessable.] [ Substituted by Act 27 of 1999, Section 92, for sub-Section (1)(w.r.e.f. 1.6.1999).]

[* * *] [ Sub-Sections (1-A) and (1-B) omitted by Act 27 of 1999, Section 92 (w.e.f. 1.6.1999).]

[* * *] [ Sub-Sections (1-A) and (1-B) omitted by Act 27 of 1999, Section 92 (w.e.f. 1.6.1999).]

(2)

[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] [ Substituted by Act 36 of 1989, Section 28, for " In a case referred to in sub-section (1), if the Assessing Officer " (w.e.f. 1.4.1989).] [considers it necessary or expedient to ensure that the assessee has not understated the net wealth or has not under-paid the tax in any manner ] [Substituted by Act 4 of 1988, Section 138, for Section 16 (w.e.f. 1.4.1989). ][serve on the assessee] [ Substituted by Act 36 of 1989, Section 28, for " he shall serve on the assessee " (w.e.f. 1.4.1989).][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:] [ Substituted by Act 36 of 1989, Section 28, for " In a case referred to in sub-section (1), if the Assessing Officer " (w.e.f. 1.4.1989).]

[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.] [ Substituted by Act 49 of 1991, Section 74, for the proviso (w.e.f. 1.10.1991).]

(3)

[ On the day specified in the notice issued under sub-section (2) or as soon afterwards as may be, after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into account all relevant material which he has gathered, the Assessing Officer shall, by order in writing, assess the net wealth of the assessee and determine the sum payable by him on the basis of such assessment.

(4)

For the purposes of making an assessment under this Act, the Assessing Officer may serve, on any person who has made a return under section 14 or section 15 or in whose case the time allowed under sub-section (1) of section 14 for furnishing the return has expired, a notice requiring him, on a date to be specified therein¬-

(i) where such person has not made a return] [within the time allowed under sub-section (1) of section 14] [ Substituted by Act 12 of 1990, Section 54, for " before the end of the relevant assessment year " (w.e.f. 1.4.1990).][to furnish a return of his net wealth or the net wealth of any other person in respect of which he is assessable under this Act on the valuation date, in the prescribed form and verified in the prescribed manner, setting forth the particulars of such net wealth and such other particulars as may be prescribed, or [ Substituted by Act 36 of 1989, Section 28, for " In a case referred to in sub-section (1), if the Assessing Officer " (w.e.f. 1.4.1989).]

(ii) to produce or cause to be produced such accounts, records or other documents as the Assessing Officer may require.

(5)

If any person,-

(a) fails to make the return required under sub-section (1) of section 14 and has not made a return or a revised return under section 15, or

(b) fails to comply with all the terms of a notice issued under sub-section (2) or sub-section (4), the Assessing Officer, after taking into account, all relevant material which he has gathered, shall, after giving such person an opportunity of being heard, estimate the net wealth to the best of his judgment and determine the sum payable by the person on the basis of such assessment:

(6)

[ Where a regular assessment under sub-section (3) or 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 regular 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 provisions of this Act shall apply accordingly.]

(a) in a case where the value of the asset as returned is in accordance with the estimate made by a registered valuer, if the] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer " (w.e.f. 1.4.1988).][is of opinion that the value so returned is less than its fair market value; [Inserted by Act 45 of 1972, Section 10 (w.e.f. 1.1.1973). ]

(b) in any other case, if the ] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer " (w.e.f. 1.4.1988).][is of opinion- [Inserted by Act 45 of 1972, Section 10 (w.e.f. 1.1.1973). ]

(2)

For the purpose of estimating the value of any asset in pursuance of a reference under sub-section (1), the Valuation Officer may serve on the assessee a notice requiring him to produce or cause to be produced on a date specified in the notice such accounts, records or other documents as the Valuation Officer may require.

(3)

Where the Valuation Officer is of opinion that the value of the asset has been correctly declared in the return made by the assessee under section 14 or section 15, he shall pass an order in writing to that effect and send a copy of his order to the] [Inserted by Act 45 of 1972, Section 10 (w.e.f. 1.1.1973). ] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer " (w.e.f. 1.4.1988).][and to the assessee.

(4)

Where the Valuation Officer is of opinion that the value of the asset is higher than the value declared in the return made by the assessee under section 14 or section 15, or where the asset is not disclosed or the value of the asset is not declared in such return or where no such return has been made, the Valuation Officer shall serve a notice on the assessee intimating the value which he proposes to estimate and giving the assessee an opportunity to state, on a date to be specified in the notice, his objections either in person or in writing before the Valuation Officer and to produce or cause to be produced on that date such evidence as the assessee may rely in support of his objections.

(5)

On the date specified in the notice under sub-section (4), or as soon thereafter as may be, after hearing such evidence as the assessee may produce and after considering such evidence as the Valuation Officer may require on any specified points and after taking into account all relevant material which he has gathered, the Valuation Officer shall, by order in writing, estimate the value of the asset and send a copy of his order to the ] [Inserted by Act 45 of 1972, Section 10 (w.e.f. 1.1.1973). ] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer " (w.e.f. 1.4.1988).][and to the assessee.

(6)

On receipt of the order under sub-section (3) or sub-section (5) from the Valuation Officer, the ] [Inserted by Act 45 of 1972, Section 10 (w.e.f. 1.1.1973). ] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer " (w.e.f. 1.4.1988).][shall, so far as the valuation of the asset in question is concerned, proceed to complete the assessment in conformity with the estimate of the Valuation Officer.] [Inserted by Act 45 of 1972, Section 10 (w.e.f. 1.1.1973). ]