Section 10
To Assess The Tax
10. To Assess the tax :
(1) After receipt of statement of wealth of a tax payer, the Tax Officer has to assess the tax within the fiscal year immediately following the fiscal year in which the statement of wealth is received; and if the tax cannot be
assessed within that period, the Tax Officer has to give a notice to the Director General setting out the reason therefore. The Director General may, after receipt of such notice, extent the time-limit as per necessity, in a condition that the tax has to be assessed within three years from the date of submission of the statement of
wealth.
(2) If a tax-payer fails to furnish the statement of wealth or is held to have furnished a false statement, the Tax Officer may determine the value of the wealth on any of the following grounds and assess the tax accordingly :-
(a) Evidence or proof received or collected by the Tax Officer on the wealth of such taxpayer,
(b) Report or ground accompanied by any evidence or proof received by the Tax Office on the wealth of the tax payer.
Explanation: For the purpose of this Section “False statement,” means any or all of the circumstances specified in
Sub-section (1) of Section 20.
(3) In determining the value of the wealth pursuant to sub-section (2), the Tax Officer shall give a notice in writing clearly setting out the grounds for so determining the value to the tax-payer and also give a time-limit of fifteen days to such tax payer to state something or sub it evidence and proof about his/her wealth.
(4) If, in examining the statement of wealth required to be furnished by any person pursuant to this Act, after such statement has been furnished, it held that there is only the wealth which is not to be included in the value of wealth pursuant to Schedule-2, tax of such wealth shall not be assessed and the certificate indicating non-levying of tax shall be made available to the concerned person.
(1) After receipt of statement of wealth of a tax payer, the Tax Officer has to assess the tax within the fiscal year immediately following the fiscal year in which the statement of wealth is received; and if the tax cannot be
assessed within that period, the Tax Officer has to give a notice to the Director General setting out the reason therefore. The Director General may, after receipt of such notice, extent the time-limit as per necessity, in a condition that the tax has to be assessed within three years from the date of submission of the statement of
wealth.
(2) If a tax-payer fails to furnish the statement of wealth or is held to have furnished a false statement, the Tax Officer may determine the value of the wealth on any of the following grounds and assess the tax accordingly :-
(a) Evidence or proof received or collected by the Tax Officer on the wealth of such taxpayer,
(b) Report or ground accompanied by any evidence or proof received by the Tax Office on the wealth of the tax payer.
Explanation: For the purpose of this Section “False statement,” means any or all of the circumstances specified in
Sub-section (1) of Section 20.
(3) In determining the value of the wealth pursuant to sub-section (2), the Tax Officer shall give a notice in writing clearly setting out the grounds for so determining the value to the tax-payer and also give a time-limit of fifteen days to such tax payer to state something or sub it evidence and proof about his/her wealth.
(4) If, in examining the statement of wealth required to be furnished by any person pursuant to this Act, after such statement has been furnished, it held that there is only the wealth which is not to be included in the value of wealth pursuant to Schedule-2, tax of such wealth shall not be assessed and the certificate indicating non-levying of tax shall be made available to the concerned person.