Section 62. Assessment of non-filers of returns.-
(1) Notwithstanding anything to the contrary contained
in section 73 or section 74, where a registered person fails to furnish the
return under section 39 or section 45, even after the service of a notice under
section 46, the proper officer may proceed to assess the tax liability of the
said person to the best of his judgement taking into account all the relevant
material which is available or which he has gathered and issue an assessment
order within a period of five years from the date specified under section 44
for furnishing of the annual return for the financial year to which the tax not
paid relates.
(2) Where the registered person furnishes a valid
return within 1[sixty days] of the service of the assessment order under
sub-section (1), the said assessment order shall be deemed to have been
withdrawn but the liability for payment of interest under sub-section (1) of
section 50 or for payment of late fee under section 47 shall continue.
2[Provided that where the registered person fails to
furnish a valid return within sixty days of the service of the assessment order
under sub-section (1), he may furnish the same within a further period of sixty
days on payment of an additional late fee of one hundred rupees for each day of
delay beyond sixty days of the service of the said assessment order and in case
he furnishes valid return within such extended period, the said assessment
order shall be deemed to have been withdrawn, but the liability to pay interest
under sub-section (1) of section 50 or to pay late fee under section 47 shall
continue.]
