(1) After the close of the year for which the returns have been submitted by an importer referred to in sub-rule (1) of rule 3 or during the course of the year, where such importer had discontinued business, the Assessing Authority, shall, if he is satisfied, after such scrutiny of the accounts and making such enquiry as he considered necessary that the returns filed are correct and complete, finally assess on the basis of the return the tax payable for the year or the period to which the returns relate.



(2) Where after the close of any year or during the course of the year, where any importer has discontinued the business, if the importer is found to have failed to submit any return or returns before the date specified in sub-rule (1) of rule (3) or if any return or returns submitted by him appears to be incorrect, the assessing authority shall, after giving the importer an opportunity of being heard, determine the value of the notified goods to the best of his judgment and finally assess the tax payable thereon.



(3) If on final assessment under sub-rule (1) or sub-rule (2), any tax is found to be due from the importer after deducting the tax or taxes paid by him along with the returns filed or towards the provisional assessment made under sub-rule (4) of rule 3, the assessing authority shall serve on the importer a notice in Form VII and the importer shall pay the sum demanded in the notice thereon and if any refund of amount is found to be due to the importer, the assessing authority shall serve on him a notice in Form VIII.