Sri Lanka Consolidated Acts

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Finance (Amendment) Act (No. 55 of 1971) - Sect 5

Amendment of section 124 of the principal Act

5. Section 124 of the principal Act is hereby amended as follows:-
(1) in sub-section (1) of that section, by the substitution, for all the words and figures from
(2) by the addition. at the end of that section, of the following new sub-sections:-
" (3) Where, in the opinion, of the Assessor, the amount paid as business turn-over tax for any quarter of a year of assessment by any person who has failed to furnish under section 123 a return in respect of that quarter is less than the proper amount payable by that person for that quarter, the Assessor shall assess the amount which, in the judgement of the Assessor, ought to have been paid by such person and shall, by notice in writing require that person to pay on or before a date set out in that notice, the difference between the amount so assessed and take amount paid by that person.
(4) Where an assessment is made under sub-section (3) in respect of any person for any quarter in any year of assessment, the difference between the amount so assessed the- amount paid by that person as business turnover tax for that quarter shall be deemed to be business turnover tax in default for that quarter and accordingly such persons shall from the date on which such person should have paid that tax for that quarter under sub-section (2) of section 122, be liable in respect of that amount to the penalty under sub-section (3) of that section.".


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