—The provisions of sections 120, 131, 133A, 156, 178, 220 to 227, 229, 232, 260A, 261, 262, 265 to 269, 278B, 282 and 288 to 293 of the Income-tax Act, 1961 (43 of 1961), shall apply, so far as may be, in relation to commodities transaction tax.
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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