Section 96
of Investment Incentives Order, 2001
Section 96
Notwithstanding any other provisions of this Part, where it appears to the Collector that –
(a)
any amount of exempted income of a warehousing company or a servicing company; or
(b)
any dividend exempted in the hand of any shareholder, ought not to have been exempted by reason of a direction made under section 66 (as made applicable by section 92) or the revocation under section 114 of the certificate issued under section 89 to the warehousing company or the servicing company, the Collector may subject to section 62 of the Income Tax Act –
(i)
make such assessment or additional assessment upon the company or any such shareholder as may appear to be necessary in order to recover such tax as may have been exempted under this Part; or
(ii)
direct the company to debit its tax exempt account with such amount as the circumstances may require.
Application of Parts XI and XII of Income Tax Act.