(3)If the assessee does not furnish any objection to the notice within the time specified in the notice issued under sub-section (2), the [Principal Commissioner or Commissioner] [Substituted by Act 25 of 2014, section 4, for 'Commissioner' (w.e.f. 1-6-2013).] shall issue such directions as he deems fit in respect of declaration of the arrangement to be an impermissible avoidance arrangement.
