Amendment status not verified — confirm the current text below against the official source.
(J) Ifnoreturns aref urnished by a registered dealer in respect of any period by the prescribed date, or if the assessing authority is not satisfied that the returns furnished are correct and complete, the assessing authority shall, within two years after the expiry of such period, after giving the dealer a reasonable opportunity of being heard, pro- ° ceed, in such manner as may be prescribed, to assess to the best of his judgment the amount of tax due from the dealer. _. (2) Ifupon information received the assessing authority is satisfied that a dealer who was liable to pay tax under this Act in respect of any period had nevertheless wilfully failed to apply for registration, the assessing authority shall, at any time within two years from the expiry of such period, after giving the dealer a reasonable opportunity of being heard, proceed, in such manner as may be prescribed, to assess to the best of his judgment the amount of tax due from the dealer in respect of such period and all subsequent periods, and the assessing authority may direct that the dealer shall pay by way of penalty, in addition to the amount of tax so assessed, a sum not exceedin d a half times that amount. 5 ae of 1951] THE PUNJAB FORWARD CONTRACTS TAX 5 Act, 1951 (3) The amount of tax— (a) due where the returns are furnished without receipt showing full payment thereof, or (b) assessed. under sub-section O), less the sum, if any, already paid by the dealer in respect of the said period, or (c) assessed under sub-section (2), together with the penalty directed to be paid under that sub- section, shall be paid by the dealer into a Government Treasury or the Reserve Bank of India by such date as may be specified in a notice issued by the assessing authority for this purpose, and thedate to be so specified shall not be less than 30 days from the date of service of such notice : Provided that the assessing authority may, in respect of any particular dealer and for reasons to be recorded in writing, extend the date of such payment or allow such dealer to pay the tax due and the penalty (if any) by instalments. (4) Any amount of tax, which remains unpaid after the date specified in the said notice, shall be recoverable as arrears of land revenue. __ (5) An assessment made under this section shall be without prejudice to any prosecution instituted for an offence against this Act. 9, The assessing authority shall, in the prescribed manner, refund to a registered dealer applying in this behalf any amount of tax paid by such dealer in excess of the amount due from him under this Act, either by a ref und voucher or, at the option of the dealer, by deduction of such excess from the amount of tax due in respect of any other period.