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103. Assessment. |
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—(1) For the purposes of making an assessment under this Chapter, the Assessing Officer may serve on any assessee, who has furnished a return under section 102 or upon whom a notice has been served under sub-section (2) of that section, whether a return has been furnished or not, a notice requiring him to produce or cause to be produced on a date to be specified therein such accounts or documents or other evidence as the Assessing Officer may require for the purposes of this Chapter and may, from time to time, serve further notices requiring the production of such further accounts or documents or other evidence as he may require.
(2) The Assessing Officer, after considering such accounts, documents or other evidence, if any, as he has obtained under sub-section (1) and after taking into account any other relevant material which he has gathered, shall, by an order in writing, assess the value of taxable commodities transactions during the relevant financial year and determine the commodities transaction tax payable or the refund due on the basis of such assessment :
Provided that no assessment shall be made under this sub-section after the expiry of two years from the end of the relevant financial year.
(3) Every assessee, in case any amount is refundable to it on assessment under sub-section (2), shall, within such time as may be prescribed, refund such amount to the seller or the purchaser, as the case may be, from whom such amount was collected.
Clauses 101 to 114 provide for collection and recovery of commodities transaction tax, furnishing of returns, assessment procedure, power of Assessing Officer, rectification of mistake, chargeability of interest, levy of penalty, institution of prosecution and filing of appeals. Further, it also provides that various procedural provisions in the Income-tax Act will, so far as may be, apply in relation to commodities transaction tax.
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