Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Assessing Officer Can Request Documents Under Section 107 for Tax Assessment; Must Complete Within Two Years</h1> The Assessing Officer can issue a notice to any assessee who has filed a return or received a notice under section 107, requiring them to produce necessary accounts or documents for assessment purposes. The officer may issue additional notices for further evidence as needed. After reviewing the evidence and other relevant materials, the officer will assess the value of taxable commodities transactions for the financial year and determine the tax payable or refund due. Assessments must be completed within two years from the end of the relevant financial year. Refunds must be returned to the seller or purchaser as applicable within a prescribed time.
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