Section 8(1) in The Punjab Forward Contracts Tax Act, 1951
(1)If no returns are finished by a registered dealer in respect of any period by the prescribed date, or if the assessing authority is not satisfied that the returns furnished are correct and complete, the assessing authority shall, within two years after the expiry of such period, after giving the dealer a reasonable opportunity of being heard, proceed, in such manner as may be prescribed, to assess to the best of his judgment the amount of tax due from the dealer.
