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21: Assessment/reassessment of tax in certain circumstances M.P. ACT

21: Assessment/reassessment of tax in certain circumstances

(1) Where an assessment or re-assessment of a dealer has been made under this Act or the Act repealed by this Act and for any reason any sale or purchase of goods liable to tax under this Act or the Act repealed by this Act during any period,--

(a) has been under assessed or has escaped assessment, or

(b) has been assessed at a lower rate, or

(d) set off or a rebate of input tax has incorrectly been allowed while making the assessment ,

(e) is rendered erroneous and prejudicial to the interest of revenue consequent to or in the light of

any judgment or order of any Court or Appellate Board, which has become final,

the Commissioner may, at any time within a period of five calendar years from the date of order of assessment or reassessment in cases falling under clauses (a) to (d) and within a period of three calendar years from the date of judgment or order of any court or Appellate Board in cases falling under clause (e), proceed in such manner as may be prescribed, by issue a notice in the prescribed form appointing a place which may be the business premises or at such place specified in the notice to assess or re-assess, as the case may be the tax payable by such dealer after making such enquiry as he considers necessary, and assess or re-assess to tax.

(2) The commissioner shall, where the omission leading to assessment or re-assessment made under sub-section (1) is attributable to the dealer, impose upon him a penalty not exceeding 3.5 times the amount of tax so assessed. or re-assessed but shall not be less than three times the amount of tax assessed.

(3 The assessment or re-assessment under sub-section (1) shall be made within a period of one calendar year from the date of commencement of the proceedings under the said sub-section

(4) Subject to such restrictions and conditions and in such manner as may be prescribed, a dealer, on whom a penalty has been imposed under sub-section (2), may opt to pay a lump sum amount, which shall be twice the amount of tax assesed or reassessed. Once the dealer has exercised the option he shall not have any right to challenge the order of penalty in any forum.

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GST India Solution is an effort of firm of professionals who welcome implementation of GST. This is an interactiveplatformthat aspires to disseminate right knowledge to professionals, practitioners and public at large. This platform has beenfloatedbya firm of Chartered Accountants relentlessly working in field of direct and indirect taxes since early 1985.

Goods & Service Tax

Our core competence is statutory compliance, advisory, corporate tax planning and appellate matters of direct and indirect taxesandcorporate training sessions on GST.

The senior partner of the firm has to his credit several professional publications viz., Delhi Sales Tax Right to Use Goods Act, Delhi VAT, Maharashtra VAT, West Bengal VAT, Haryana VAT published by Taxmann. Madhya Pradesh VAT and Chhattisgarh VAT were published by Suvidha Law House, Bhopal. He has also addressed seminars on indirect taxes organized by professional bodies like ICAI, IMA, NIFM etc. and has also contributed articles on subjects of pro. . . . .