Section 23
Collector to make assessment
of I Ncome Tax (Petroleum) Act
(1)
The Collector shall proceed to assess every company chargeable with tax as soon as may be after the expiration of the time allowed to such company for the delivery of the return provided for in section 19 or such further particulars thereof as may be required by section 20.
(2)
Where a company has delivered a return, the Collector may —
(a)
accept the return or call for further returns in the manner set out in section 20, and make an assessment accordingly; or
(b)
refuse to accept the return and, to the best of his judgment, determine the amount of the chargeable income of the company and make an assessment accordingly.
(3)
Where a company has not delivered a return and the Collector is of the opinion that such company is liable to pay tax, he may, according to the best of his judgment, determine the amount of the chargeable income of such company and make an assessment accordingly, but such assessment shall not affect any liability otherwise incurred by such company by reason of its failure or neglect to deliver a return.