60. Assessment of non-filers of returns

  1. Where a registered taxable person fails to furnish the return required under section 34 or section 40, even after the service of a notice under section 41, the proper officer may proceed to assess the tax liability of the said person to the best of his judgement taking into account all the relevant material which is available or which he has gathered and issue an assessment order within the time limit specified in sub-section (8) of section 67.

  2. Explanation.— Nothing in this section shall preclude the liability for payment of interest under section 45 and/or for payment of late fee under section 42.