Section 123D — Power of Commissioner regarding assessment.

1 [ 123D. Power of Commissioner regarding assessment .The Commissioner 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 in any case where it has been detected that there is wilful suppression of information; and (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 wilful suppression of facts].

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