61.

(5) (1) (2) , (3) (1) (2) 78 Where the registered person isentitledtoa refund consequent to the orderforfinal assessmentunder sub- section (3), subject to the provisions of sub-section (8) ofsection54, interestshallbepaidonsuchrefimdas provided in section56. The proper officer may scrutinizethereturn and related particulars furnished by the registeredperson to verify thecorrectness ofthe returnand informhim ofthe _ discrepancies noticed, if any, in such manneras may be prescribed and seek his explanation thereto. Incasetheexplamflonisfoundacceptabletheregistered person shallbe informed accordingly and nofurther ‘ actionshallbetakeninthisregard.‘ ' In caseno satisfactoryexplanationis firrnishedwithin aperiodofthirtydaysofbeinginformedbytheproper officerorsuchfirrtherperiodasmaybepermittedby himorwhaethemgistaedpersonafieraccepting thedisaepandmfailstotakethecorrectivemeasure inhisreturn forthe'rnonth in whichthediscrepancy is accepted, the proper oilicer may initiate appropriate action including thoseunder section 65 or section660r section67, orproceedtodeterminethetaxandother " duesundersection73orsection74. "Notwithstanding anything to the contrary contained in section73or section 74, where a registeredperson fails tofurnishthe return under section39orsection 45, even after the service ofa noticeundersection 46, the proper officer may proceed to assessthe tax'liability of the said ‘ person tothebestof his judgment taking intoaccount all the relevant material whichisavailableorwhichhe has gathered and issue an assessment order within a period offive years from the date specified undersection 44 for finishing of theannual returnfor thefinancial ’ year to whichthetax nOt paid relates. Wherethe registered person furnishesavalidreturn within thirtydays oftheservice ofthe assessmentorder runder sub- section (1), the said assessmentorder shall " be deemedtohave been withdrawn but theliability for payment ofinterest under sub—section (1) of section 50 orfor payment of late fee under section 47 shallcontinue. Scrutinyofreturns Assessment ofnon-filers ofreturns. 79