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(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 War Taxation may prescribe the amounts of such usual rates of profits in particular classes of trade or business.
45. Where it appears to an Examiner that a provisional Additional assessment made under sub-section (2) of section 44 should assessments. 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.
transactions
46. Where an Examiner is of opinion that any trans- Certain action which reduces or would reduce the amount of tax and dis- payable by any person is artificial or fictitious or that any positions disposition is not in fact given effect to, he may disregard to be any such transaction or disposition and the person concerned shall be assessable accordingly.
disregarded.
47.—(1) An Assistant Commissioner shall give a notice Notice to be of assessment to each person who has been assessed stating issued by the amount assessed and the amount of tax charged.
(2) Where the assessment is a provisional assessment made under section 44 (2) the person assessed shall be notified accordingly; and he shall further be notified in due course if such provisional assessment is confirmed, provided that the confirmation of a provisional assessment shall not preclude the making of an additional assessment subsequently under section 45.
(3) Where by reason of an amendment of the law it is necessary to vary the amount of tax charged in any notice of assessment the Assistant Commissioner may give such notification as may be necessary to the person assessed in that notice of assessment; and any notification so given shall, as regards any particulars of the assessment contained in the notification which have not been included in the notice of assessment, have effect as if the notification were a notice of assessment.
Assistant Commis- sioner.
48.-(1) No notice, assessment, certificate, or other Validity of proceeding purporting to be in accordance with the provisions assessments, of this Ordinance shall be quashed, or deemed to be void
etc.
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