Amendment status not verified — confirm the current text below against the official source.
Returns, payment of tax and interest.—. (1) Every stockist Tegistered under this Act and overy other stockist. wha may’ be required so to do by the Commissioner by noti¢e served in the prescribed manne s relums af his tumover of stocks by such dates and fo such authority and m delayed payments in the manner and in the form as may be prescribed , Shall furnish such lake payment of tax duc and interest accrued on (2) Every registered stockist and ever tockist required to furnish returns under sub-section (1) shall pay into the Government (reasury or the Reserve Bank of India or in such other manner as may be prescribed, the full amount of tax due from him under this Act according to such retums and shall, where such payment is made into a Government Ireasnry or the Reserve Bank of India, furnish, along with the retums, a Teccipt from suich treasury or the bank. showing the payment of sneh amount (31 The interest, in addition to the tax duc, shall be payable at two per cent per month if the stockist fails to pay the tax due or payable, along with his retums under sub-section (1) and where the stockist defaults or is deemed to be in default in making the payment of tax assessed or re-assessed under this Act, from the date of such default (4) Interest at the rate as provided in sub-section (3) shall also be payable for the period during which the realization of any amount of (ax remains stayed by the order of any court or authority and such order is subsequently waicated (5) The interest payable under this section shall be deemed to be tay due under this Act . R. Assessment.—(1) Whereall the retums duc forthe year have been fumished and tax duc according to such rclums paid within the prescribed period, the stockist shall be decined to have been assessed in respect of the vear and the Commissioner shall mak: Suminary assessment withont requiring the presence of the stockist within a period of one year from the end of the year to which the retums pertain and in making such a summary assessment the Commissioner shall have the authority to make arithmetical adjustments as weil as interest that might be due for belated Payment of the lan (2) Notwithstanding anything contained in sub-section (1), whether or not s retum has been furnished and the fay due necording to such retum paid within the period prescribed, the Commissioner, if he is not satisfied with the retum Niled or considers it necessary or expedient to ensure that the stockist has not understaied his turnover of stock of hivuries. shall serve the stockist a notice requiring him, ona date to be specified therein to attend his office and ta produce or cause 10 he produced there any evidence on which the stockist May rely in support of the return and to satisfy the Commissioner iercpard there to Provided thait no notice under this sub-section shall be served an the stockist fier the expiry of wo vers from the cd of the vear to which the roinm pertains, () On the date specified in the notice, or as soon as may be thereafier, the Commissioner shall, after considering: al the ev idence which may be produced. assess the amount of tax duc from the stockiet (4) Hat stockist fails io comply with the terms of any notice issued under sih-section (2) the Commissioner shalt assess In the best of his jndgment the amount of tax due fran him (51 Where in assessment under snb-section (1) 10 sub-section (4) is not concluded within the time. if anv specified thercin, the tumover of stack of luxuries. declared by the stockist in his retin, shall be deemed to have been assessed on ihe basis of the said retum and the provisions of thig Act relating to assessment, re-assessment payment and Fecovery of jax, appeal and revision shall mutatis musandis apply to sucli deemed assessment (6) [upon mformation which has came into his possession. the Commissioner is satisfied that any stockist who ts liable to pay tax under this Act in respect of any period. has failed ta ger himself registered under section /. the y be prescribed to assess 1 the best of his judgment the amount of tay due front the stockist in respeet of such period and all subsequent periods and in makiny sich assessment shill give the stockist a reasonable opportunity af being heard, and the Commissioner may, if he is iisfied that the default was: ide without reasonable cause. Jirect that the stockist shall pav by wav of penalty, in addition to the amount of the tax so issexsed. ar sim not exceeding twice that amount Commissioner shall proceed in such manner asm: (7) No assessment under the provision of sub-section (6) shall be made after the expiry of six vears from (he end ofthe year respect of which or part of which the tay is assessed %, Res the Commissioner has req essment, wn to believe thal he whole or any part of the timaver af a stockist in resp “(1) Where after a stockist has heen assessed under section 8 for any vear or part thereat, “| of any period has We der uch fon mo tof vent ‘ing pay cin the utly uch ithe one onel the ries, ase oner rom sing shall wuiy beet cand who the Vay we the nade 1x 80 wend creat, dhas Paws LV] DELHI GAZETTE : EXTRAORDINARY iW escaped assessment to tax or has been under-assessed or has been assessed at a dower rate thin dhe rate it which it is assessable, the Commissioner inay— (it) within six years from the date of final order of assessment, i a case where the stockist has concealed, omitted or failed to disclose fully the iculars of such turnover, and (b) within four years from the date of the final order of assessment, in any other cuse, serve a notice on the istand after giving the stockist an opportunity of being heard and making such inquiry us he considers ry, proceed to determine to the-best of his judgment, the amount of tax due from Une stockist in respect of such turnover, and the provisions of this Act shall, so far as may be, apply accordingly (2) No order of assesstient. reassessment or recomputation shall be made under sub-section (1). after-— (a) the expiry of six years or, as the case may be, four years from the date of fina! order of sissessiment as specified in sub-section (1); of ‘ (b) the expiry of one year from the date of service of notice under sub-section( |}. whichever is later