Assessment of commodities transaction tax: notice-based evidence powers and time-limited assessment with refund obligations. The Assessing Officer may require assessees who filed returns or received notices to produce accounts, documents or other evidence and may serve further notices; after considering obtained material and other relevant material he shall assess the value of taxable commodities transactions for the relevant financial year and determine commodities transaction tax payable or refundable, subject to a statutory time limit for making assessments, and any refund received on assessment must be refunded by the assessee to the seller within the prescribed time.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assessment of commodities transaction tax: notice-based evidence powers and time-limited assessment with refund obligations.
The Assessing Officer may require assessees who filed returns or received notices to produce accounts, documents or other evidence and may serve further notices; after considering obtained material and other relevant material he shall assess the value of taxable commodities transactions for the relevant financial year and determine commodities transaction tax payable or refundable, subject to a statutory time limit for making assessments, and any refund received on assessment must be refunded by the assessee to the seller within the prescribed time.
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