https://www.taxtmi.com/caselaws?id=148235 A taxing statute that permits assessment on periodical returns is not restricted to completion of the annual assessment where penalty is concerned. Section 10(7) of the Punjab General Sales Tax Act, 1948 was read as targeting false accounts, concealment of sales or purchases, and false returns or information, and its reference to tax assessed or liable to be assessed was held broad enough to allow action before the close of the financial year. The earlier view that penalty could not be initiated until year-end was reconsidered and not accepted, confirming that the penalty mechanism may operate once the statutory defaults are made out. en-us Mon, 10 Oct 1966 00:00:00 +0530 Wed, 24 Apr 2013 12:01:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=148235 A taxing statute that permits assessment on periodical returns is not restricted to completion of the annual assessment where penalty is concerned. Section 10(7) of the Punjab General Sales Tax Act, 1948 was read as targeting false accounts, concealment of sales or purchases, and false returns or information, and its reference to tax assessed or liable to be assessed was held broad enough to allow action before the close of the financial year. The earlier view that penalty could not be initiated until year-end was reconsidered and not accepted, confirming that the penalty mechanism may operate once the statutory defaults are made out. Case-Laws VAT and Sales Tax Mon, 10 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=148235