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; Provided that no such assessment for an assessment year shall be made after the lapse of seven years from the close of that assessment year. (b) revise any assessment where the information furnished in the return of self-assessment is found to be incorrect or reopen any assessment where it has been detected that there is wilful suppression of information; and (c) 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.