Section 10 - Interest escaping assessment.

Interest escaping assessment: Assessing Officer may issue a statutory notice and reassess interest tax where chargeable interest escaped.

Where chargeable interest has escaped assessment, been under assessed, or been subject to excessive relief due to omission to make a return or failure to disclose material facts, or on account of information in the Assessing Officer's possession, the Assessing Officer may serve a statutory notice and proceed to assess or reassess the amount chargeable to interest tax; the notice may include requirements analogous to those in the return procedure and the Act applies as if the notice were issued under that return provision.