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of <h1>Finance Bill 2013: Clause 111 Details Taxable Commodity Transaction Assessments and Refund Procedures, Two-Year Completion Deadline</h1> Clause 111 of the Finance Bill, 2013, outlines the assessment process for taxable commodities transactions. The Assessing Officer may issue notices to an assessee to produce necessary documentation for assessment purposes. After reviewing the provided evidence and other relevant materials, the officer will determine the value of transactions and the corresponding commodities transaction tax or refund. Assessments must be completed within two years from the end of the relevant financial year. If a refund is issued, the assessee must return the amount to the seller within a prescribed timeframe.
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