CO129-615-2 Income tax 10-3-1947 - 6-2-1948 — Page 231

31

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 Assessor, 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 profits in particular classes of trade or business.

assessments

61. Where it appears to an Assessor that a provisional Additional assessment made under sub-section (2) of section 60 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 Assessor 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.

62. Where an Assessor is of opinion that any transac- Certain tion which reduces or would reduce the amount of tax payable transacti by any person is artificial or fictitious or that any disposition positions is not in fact given effect to, he may disregard any such trans- action or disposition and the person concerned shall be assessable accordingly.

to be disregarded

63. (1) An Assistant Commissioner shall give a notice Notice to be of assessment to each person who has been assessed stating the amount assessed and the amount of tax charged.

(2) Where the assessment is a provisional assessment made under section 60(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 61.

(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 noti- fication 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.

issued by Assistant Commissioner

232