(1) In the event of existence of a situation as mentioned in Sub-section (1) of Section 20 of the Act, the Tax Officer may, based on the grounds as referred to in Sub-section (2) of that Section as well as the market price or any other notice or information related with the transactions of which tax is to be assessed, assess the and issue a tax assessment order in the format as referred to in Schedule – 12.
(2) A Seven days time-limit has to be given to the concerned taxpayer to submit evidence in his defence against the tax assessment order issue by the Tax Officer pursuant to Sub-rule (1).
(3) If the Tax Officer deems proper the evidence submitted in defence by the concerned tax-payer within the time-limit as referred to in Sub-rule (2), the Tax Officer has to assess the tax pursuant to Subrule (1) on that basis and issue the tax assessment order, in so issuing the tax assessment order, the order has to certain additional changes
required to be changed pursuant to Sub-sections (2) and (3) of Section 19 of the Act as well as the amount of interest chargeable pursuant to Section 26 up to the date of issuance of the order.
Explanation: In calculating the interest, it shall be calculated on the basis of one part of Twelve parts each month.