(1) If any person –

(a) has not furnished returns required under this Act by the prescribed date; or

(b) has furnished incomplete or incorrect returns; or

(c) has furnished a return which does not comply with the requirements of this

Act; or

(d) for any other reason the Commissioner is not satisfied with the return

furnished by a person;

the Commissioner may for reasons to be recorded in writing assess or reassess

to the best of his judgment the amount of net tax due for a tax period 1[or more

than one tax period by a single order so long as all such tax periods are comprised in

one year.]

is satisfied that any person who has been liable to pay tax under this Act in respect of any

period or periods, has failed to get himself registered, the Commissioner may for reasons

to be recorded in writing, assess to the best of his judgment the amount of net tax due for

such tax period or tax periods and all subsequent tax periods.]

(2) Where the Commissioner has made an assessment under this section, the

Commissioner shall forthwith serve on that person a notice of assessment of the

amount of any additional tax due for that tax period.

(3) Where the Commissioner has made an assessment under this section and

further tax is assessed as owed, the amount of further tax assessed is due and payable

on the same date as the date on which the net tax for the tax period was due.

Explanation.- A person may, if he disagrees with the notice of assessment,

file an objection under section 74 of this Act.