62.  Assessment on production of accounts, evidence, etc.-  

(1)   The Deputy Commissioner, after considering the evidence on record (including evidence, if any, produced under section 61) and such other evidence as the Deputy Commissioner may require, on specific points, shall, by an order in writing, assess the total income of the assessee and determine the tax payable by him on the basis of such assessment :

Provided that where the assessee produces books of account as evidence in support of the return, the Deputy Commissioner shall, before disagreeing with such accounts, give a notice to the assessee of the defects in the accounts and provide an opportunity to the assessee to explain his point of view about such defects and record such explanation and the basis of computation of total income of the assessee in the assessment order.

(2)   Where a person is authorised by the Central Board of Revenue under section 7 to assist the Deputy Commissioner in making an assessment and the Deputy Commissioner disagrees with the opinion of such person on any point concerning assessment, the Deputy Commissioner shall record, in the order under sub-section (1), the opinion of such person and the reason for his disagreement with such opinion.

 

Where an assessment or re-assessment or any order made under this Ordinance, has been annulled, set aside, cancelled or modified, the proceedings may commence from the stage next preceding the stage at which such annulment, setting aside, cancellation or modification took place and nothing contained in this Ordinance shall render necessary the re-issue of any notice which had already been issued or the re-furnishing or re-filing of any return, statement, or other particulars which had already been furnished or filed, as the case may be.

 

In making any assessment for the year beginning on the first day of July, 1995, the 'income year' shall be deemed to include the period, if any comprised in the 'income year' as defined in the repealed clause (b) of sub-section (26) of section 2, for which the assessment would have been made if the said clause had not been repealed and where such income year exceeds a period of twelve months, the total income and the tax payable shall be prorated on the basis of the average income of a period of twelve months.

Section 62C omitted by Finance Ordinance, 2001 which previously reads as follows :

62C. Powers of tax authorities to modify orders, etc.-

 (1)     Where a question  of law has been decided by a High Court or the Appellate Tribunal, the Deputy Commissioner of Income Tax may notwithstanding that the Commissioner has filed an appeal against the decision of the High Court or of the Appellate Tribunal, as the case may be, follow the said decision so far as it applies to an identical question arising in any case pending before him until the decision of the High Court or of the Appellate Tribunal is reversed or modified subsequently:

Provided that the assessee makes an application before the Deputy Commissioner of Income Tax that an identical question of law has arisen in his case and makes a declaration that if the decision is reversed or modified by the High Court or the Supreme Court, he shall not file any appeal against such order.

(2)      In case the High Court or Appellate Tribunal's order referred to in sub-section (1) is reversed or modified subsequently, the Deputy Commissioner of Income Tax may, notwithstanding the expiry of period of limitation prescribed for making any assessment or order, within a period of six months from the date of receipt of decision, modify the assessment or order so that it conforms to the final decision.