Section 121 - Assessment

Commodities transaction tax assessment procedure: Assessing Officer may require documents and determine tax or refund within a time limit.

Section 121 empowers the Assessing Officer to require production of accounts, documents or other evidence from assessees and to make a written assessment of the value of taxable commodities transactions and the commodities transaction tax payable or refund due, subject to a two year time limit from the end of the relevant financial year; where an assessment yields a refund to an assessee, the assessee must refund that amount to the seller within the prescribed time.