(1)   Where the return of total income of an assessee, being an individual, an un-registered firm, a registered firm, an association of persons or a Hindu undivided family, for the income year relevant to the assessment year commencing on or after the first day of July, 1988, and ending on or before the thirtieth day of June, 1990, qualifies for acceptance in accordance with the provisions of a scheme of Simplified Procedure for Assessment made by the Central Board of Revenue for that year, or under any instructions or orders issued thereunder, the total income of the assessee shall be assessed on the basis of the said return.

(2)   After receipt of a return of total income referred to in sub-section (1), an acknowledgement of its receipts, in the prescribed form, shall be issued by such income tax authority subordinate to the Commissioner as may be authorised in this behalf by the Commissioner.

(3)   The acknowledgement referred to in sub-section (2) shall be deemed to be an order of assessment in respect of the return of total income referred to in sub-section (1).