(1) In the case mentioned in sub-section (1) of section 20 of the Act, in addition to the bases mentioned in sub-section (2) of the same section, the tax officer shall assess the tax in the format of Schedule-12 and also on the basis of the market price or any other information related to the transaction to be taxed. can issue determination orders.
(2) In accordance with sub-rule (1), the relevant taxpayer shall be given a period of fifteen days to submit proof of the tax assessment order issued by the tax officer.
(3) If the proofs submitted by the concerned taxpayers are deemed appropriate within the time limit as per sub-rule (2), the tax officer shall issue a tax assessment order after assessing the tax as per sub-rule (1). In this way, when the tax assessment order is issued, the order shall also include the additional fees charged in accordance with subsection (2) of section 19 of the Act and the amount of interest charged in accordance with section 26 until the date of issuance of the order. Explanation: While calculating the interest, it will be done on the basis of one section of twelve sections per month.