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.
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.
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.
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