(1) Before making the assessment or reassessment under section 115WG, the Assessing Officer shall serve on the assessee a notice requiring him to furnish within such period as may be specified in the notice, a return of the fringe benefits in respect of which he is assessable under this Chapter during the previous year corresponding to the relevant assessment year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed, and the provisions of this Chapter shall, so far as may be, apply accordingly as if such return were a return required to be furnished under section 115WD.
(2) The Assessing Officer shall, before issuing any notice under this section, record his reasons for doing so. (3) No notice under sub-section (1) shall be issued for the relevant assessment year after the expiry of six years from the end of the relevant assessment year.
Explanation.-In determining fringe benefits chargeable to tax which have escaped assessment for the purposes of this sub-section, the provisions of the Explanation to section 115WG shall apply as they apply for the purposes of that section.
(4) In a case where an assessment under sub-section (3) of section 115WE or
section 115WG has been made for the relevant assessment year, no notice shall be
issued under sub-section (1) by an Assessing Officer, after the expiry of four
years from the end of the relevant assessment year, unless the 1 Principal Chief
Commissioner or Chief Commissioner or 2 Principal Commissioner or Commissioner
is satisfied, on the reasons recorded by the Assessing Officer, that it is a fit
case for the issue of such notice.
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1. Subs. by Act 25 of 2014, s. 4, for "Chief Commissioner" (w.r.e.f. 1-6-2013).
2. Subs. by s. 4, ibid., for "Commissioner" (w.e.f. 1-6-2013).
Section 115WA Charge of fringe benefit tax
Section 115WC Value of fringe benefits
Section 115WD Return of fringe benefits
Section 115WF Best judgment assessment
Section 115WG Fringe benefits escaping assessment
Section 115WH Issue of notice where fringe benefits have escaped assessment
Section 115WI Payment of fringe benefit tax
Section 115WJ Advance tax in respect of fringe benefits
Section 115WK Interest for default in furnishing return of fringe benefits
Section 115WKA Recovery of fringe benefit tax by the employer from the employee
Section 115WKB Deemed payment of tax by employee
Section 115WL Application of other provisions of this Act
Section 115WM Chapter XII-H not to apply after a certain date