The Business Profits Act, 1947.
12. Assessments.-
-
The Income-tax Officer shall, by an
order in writing after considering such evidence, if any, as he has
required under section 11, assess to the best of his judgement the profits liable to business
profits tax and the amount of business profits tax payable on the basis of such assessment, or if
there is a deficiency of profits, the amount of that deficiency and the amount of business profits
tax, if any repayable, and shall furnish a copy of such order to the person on whom the assessment
has been made.
-
Business profits tax payable in respect of any chargeable accounting period
shall be payable by the person carrying on,
or treated as carrying on, the business in that period.
-
Where two or more persons were
carrying on the business jointly in the chargeable accounting period, the
assessment shall be made upon them jointly and, in the case of a partnership,
may be made in the partnership name.
-
Where by virtue of the foregoing provisions an assessment could, but for
his death, have been made on any person either
solely or jointly with any other person or persons, the assessment may be made
on his legal representative either solely or jointly with that other person or
persons, as the case may be.
Back