Finance Act, 1963

Provisions supplementary to section 74.

75.—(1) The difference referred to in paragraph (ii) of subsection (1) of section 74 of this Act is the difference between—

(a) the amount of tax payable for the relevant years of assessment by the said person (including any amount deducted at source and not repayable), and

(b) the amount which would have been the amount so payable if the return, statement, declaration or accounts as made or submitted by him had been correct.

(2) The relevant years of assessment for the purposes of subsection (1) of this section are, in relation to anything delivered, made or submitted in any year of assessment, that year, the next following year, and any preceding year of assessment; and the references in that subsection to the amount of tax payable include sur-tax, except that, in relation to anything done in connection with a partnership, they do not include any tax not chargeable in the partnership name.

(3) For the purposes of section 74 of this Act, any accounts submitted on behalf of a person shall be deemed to have been submitted by that person unless he proves that they were submitted without his consent or knowledge.