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CHAPTER VI.
Examiner to make assessments.
Additional assessments.
ASSESSMENTS.
34.-(1) Every person who is in the opinion of an Examiner chargeable with tax under this Ordinance shall be assessed by him as soon as may be after the expiration of the time limited by the notice requiring him to furnish a return under section 27 (1).
Provided that the Examiner may assess any person at any time if he is of opinion that such person is about to leave the Colony; or that for any other reason it is expedient to do so.
(2) Where a person has furnished a return of income liable to assessment the Examiner may either--
(a) accept the return and make an assessment accord- ingly; or
(b) if he does not accept the return, estimate the amount of the assessable income of such person and assess him accordingly:
Provided that if the Examiner accepts the return as substantially correct, but considers it necessary to make further inquiries on any matter, he may make immediately a provisional assessment in the amount of the return which until amended shall be a valid assessment for all purposes.
(3) Where a person has not furnished a return and the Examiner is of the opinion that such person is chargeable with tax, he may estimate the amount of the assessable income of such person and assess him accordingly, but such assessment shall not affect the liability of such person to a penalty by reason of his failure or neglect to deliver a return.
(4) In the case of profits from a trade or business, if accounts of such trade or business have not been kept in a form satisfactory to the Examiner, he may assess the profits or income of such trade or business on the basis of the usual rate of net profit on the turnover of such trade or business: and the Board of Inland Revenue may prescribe the amounts of such usual rates of profit in particular classes of trade or business.
... 35. Where it appears to an Examiner that a provisional assessment made under sub-section (2) of Section 34 should be increased or that for any year of assessment any person chargeable with tax has not been assessed or has been assessed at less than the proper amount, the Examiner may, within the year of assessment or within three years after the expiration thereof, assess such person at the amount or additional amount at which according to his judgment such person ought to have been assessed, and the provisions of this Ordinance as to notice of assessment, appeal and other proceedings shall apply to such assessment or additional assessment and to the tax charged thereunder :
Provided that, where the non-assessment or under assess- ment of any person for any year of assessment is due to fraud or wilful evasion, such assessment or additional assessment may be made at any time within six years after the expiration of that year of assessment.