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(7)
Where it appears to the Commissioners of Inland Revenue that a person is or may be chargeable to tax under Case VII in respect of his acquisition and disposal of assets, they may by notice in writing served on any person require him, within such time not less than twenty-eight days as may be specified in the
notice:-
(a)
(b)
to state whether he has acted on behalf of the first- mentioned person in connection with any acquisition or disposal of assets by that person;
if so, to furnish information in his possession with respect to the acquisition or disposal, being information
as to:-
(i)
(ii)
the assets comprised in the acquisition or disposal and the consideration for the acquisition or disposal; and
the date and manner of the acquisition or disposal, including any condition to which it was subject and the satisfaction or otherwise of any such condition;
and Part III of the Finance Act, 1960 (which relates to penalties), shall have effect as if this subsection were among the provisions specified in the second column of the Sixth Schedule to that Act.