Amendment status not verified — confirm the current text below against the official source.
Assessment—{l) Where al! the returns doe the year have. been furnished and tax due accordin; such returns paid within ihe prescribed period. Commissioner shail make 2 summary assessinent with year {cont theend of the finantial yesr 10 whiclr the rete pertain and in making such a summary assessment % Comntissioner shall have the authority to mai avithmetical adjustments ag well ns interest that might duc for belated payment of the tax. (2) Notwithstanding anything contained in & section (1), whiéther or-nat.a reium bas been furnished the tax due. according to such return paid within the pet prescrived, the Commissioner, ifhe isnot satisfied with: BBS: (4) Ifa dealer fails to comply with the ténns of any Bi" (5) {C upon information which has come imo tis JUGAWET filed or eonsidersil necessary or expedient to ensure ‘he dealer has not understated his turnover of sees, serve the detlera novice requiring him, ona date lose aied therein 1¢ aticnd his.office and ta produc: or Baise {0 bc produced there auy evidence on which she ger may rely in sppport of the returs.and to salisty the lissioner in segare thereto: & Provided ¢hat nonolige underthis sub-section shall E served on the dealer after the expity of two years from nd of the financial year ta which the cetums pertain, (3) On the date specified in che notice, ov a5 soon as ‘be thereafer, ce Commissioner shall, afler considering wohe evidence which nay be produced, assess the amount ‘due from the dealer. Bice issued under sub-section (2), thc Commissioncr Bill assess {othe best of his judgment she amount of @uc fronp hin. Session, the Commissioner is satisfied thal any eater hasbeen liable to pay tas wilder this Act in respect of Fperiod, has failad to get himself registered under section -Commaissionce shaS proceed in suck manner ns may’ scribed to mssess (0 the best of his judement thie of tase due from the dealcr in Sespect af such: period ali subsequent periods and inmaking such assessment ‘give the dealer a reasonable opportunity of being _ ‘and the Comniissioner may, if he issatisfied thatthe ft wwas made without reasonable cause, direct thatthe shall pay by way of penalty. inaddition to the amount fide tas so assessed, u stam not evceeding twice that por, E (6) Noaséessment und21 thc provision of sub-section all be made after the expity of six: years from theend ie vear in respect of which or part of which ths tax is ssed. 7 . 10, Reassessment —(1) where aferadcaler lasbecn essed under section (9) fer any year or part thereof, the gnmissionct has reason to believe thar the whole or any bi of turnover of a deater in respcat of any period ‘has Lerped assessment to tax or has been under nstessed or been assessed at a loner rate than therate at which it iscessable, the Commissioner may— fg. (a) within sis years Seon thie date of final order of assessment, in a case whese,the dealer has concealed, omitted or failed to disclose fully tlic portigutars of suck tarnpyer; and within foer yoars from. the date of finn order of aascSsment, in any o1hiercilse; Servea notice on thedeaterand afer giving (te dealer an opportunity of being-heard and making such inquiry 4s he.considers necessary, peticeed to determine tothe bestof his judgment, tho amount oftaxduc froin the ester in respect of such turnover, ard thépravision of this Act shall, s0 fae ns may be. apply accordingly: LE: EXTRAORDINARY (2) No order of assessment, reassessment or Tecdimputation shal be madeunder subsection (1Ylter— (a) theexpiry oF six years of, asthe case maybe, four years from the dalé of final-order of astessncot a5 specified in sub-section (4); oF @) theexpity of one year from the da notice under sub-sectic O), whi of service of heveris later,