Amendment status not verified — confirm the current text below against the official source.
Inserted by Act No.26 of 2017. Assessments. Central Act 38 of 1949. [Act No.5 of 2005] 43 (2) If a VAT dealer or TOT dealer submits a return along with evidence for full payment of tax, subsequent to the prescribed time the assessment made under sub-section (1) shall be withdrawn without prejudice to any interest or penalty leviable. (3) Where the authority prescribed is not satisfied with a return filed by the VAT dealer or TOT dealer or the return appears to be incorrect or incomplete, he shall assess to the best of his judgment within 70[six years] of due date of the return or within 70[six years] of the date of filing of the return whichever is later. (4) The authority prescribed may, based on any information available or on any other basis, conduct a detailed scrutiny of the accounts of any VAT dealer or TOT dealer and where any assessment as a result of such scrutiny becomes necessary, such assessment shall be made within a period of 70[six years] from the end of the period for which the assessment is to be made. (5) Where any willful evasion of tax has been committed by a dealer, an assessment shall be made to the best of his judgment by the authority prescribed within a period of six years of date of filling of the return or the first return relating to such offence. (6) The authority prescribed may reassess, where an assessment was already made under sub-sections (1) to (5) and such assessment understates the correct tax liability of the dealer, within a period of 70[six years] from the date of such assessment.