(1)Notwithstanding anything contained in Section 11, every promoter or person liable to get himself registered under this Act shall submit a return to the Assistant Commissioner for such period and within such period and in such manner containing such particulars as may be prescribed.(2)Before any promoter submits any return under sub-section (1), he shall in the prescribed manner, pay in advance under Section 11, the full amount of tax payable by him for the period to which such return relates and shall furnish along with the return satisfactory proof of the payment of such tax, and after the final assessment is made, the amount of tax so paid shall be deemed to have been paid towards the tax finally assessed.(3)If the Assistant Commissioner is satisfied that any return submitted under sub-section (1) is correct and complete, he shall assess the promoter or person on the basis thereof.(4)If no return is submitted by the promoter under sub-section (1) before the period prescribed or if the return submitted by him appears to the Assistant Commissioner to be incorrect or incomplete, he shall assess the promoter to the best of his judgment recording the reasons for such assessment:Provided that before taking action under this sub-section the promoter or person shall be given reasonable opportunity of proving the correctness and completeness of the return submitted by him.(5)While making any assessment under sub-section (4), the Assistant Commissioner may also direct the promoter to pay in addition to the tax assessed a penalty equal to one half of the amount of tax due that was not disclosed by the promoter in his return or in the case of failure to submit a return, one half of the tax assessed.
