Page:Inland Revenue Ordinance, 1947 (Cap. 112).pdf/44

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(3) Where a person has not furnished a return and the Assessor is of the opinion that such person is chargeable with tax, he may estimate the amount of the assessable income of 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 satisfactory form, the Assessor 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.

61. Where it appears to an Assessor that a provisional 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 assessment 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 transaction which reduces or would reduce the amount of tax payable by any person is artificial or fictitious or that any disposition is not in fact given effect to, he may disregard any such transaction or disposition and the person concerned shall be assessable accordingly.

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