Amendment status not verified — confirm the current text below against the official source.
Amendment to Section-27 of the Bihar Value Added Tax Act, 2005 (Act 27 of 2005).— (1) Sub-Section (1) of Section-27 of Act 27 of 2005 shall be substituted by the following, namely— “(1) If a registered dealer fails to furnish before the due date specified under sub- section (3) of section-24 the return specified under sub-Section (3) of Section-24, the prescribed authority shall, after giving the dealer a reasonable opportunity of being heard, asses to the best of its judgment, the amount of tax due from the dealer and interest, if any: Provided that no such assessment shall be made in respect of a dealer who has been selected for detailed audit in terms of the provisions of sub-Section (2) of section-26: Provided further that no proceeding for such assessment shall be initiated except after the expiry of the financial year following the year in respect of which the dealer has defaulted in furnishing the return specified under sub-Section (3) of Section-24: Provided further also that a proceeding initiated under this sub-section shall be completed within a period of two years from the date of initiation.”