Insertion of new sections 9-A and 9-B- After section 9 of the Principal Regulation, the following shall be inserted, namely,-

9-A “Assessments.- (1) Every Steward of a race meeting and every licensed book maker, shall in such manner as may be prescribed, furnish a certificate of audit of the accounts for every financial year, by 31st day of December subsequent to the financial year to which the statements are related, to the betting tax officer, along with other statements as may be prescribed duly certified by a Chartered Accountant within the meaning of the Chartered Accountants Act, 1949; and any dealer who fails to furnish the same shall be liable for penalty of rupees one lakh or an amount equivalent to one-half percent of the total turnover relating to the relevant assessment year whichever is less.

1. (2) The Betting Tax Officer after verifying the statements filed as prescribed in sub-section (1) of this section, shall pass an assessment order.
2. (3) In any of the following events, namely, where the whole or any part of the turnover of a racing club or a licensed book maker has escaped assessment to tax, or has been under-assessed or assessed at a rate lower than the correct rate, or where the tax on payment on admission to race meetings has escaped levy or has been levied at a rate lower than the correct rate, the Betting Tax Officer may, after issuing a notice to the Manager of the Race meeting or Steward of the Race meeting or licensed book maker, and after making such enquiry as the Betting Tax Officer may consider necessary, by order, setting out the grounds there for –
   • (a) determine to the best of his judgment the turnover that has escaped assessment and assess the turnover so determined;
   • (b) assess the correct amount of tax payable on the turnover that has been under-assessed;
   • (c) assess at the correct rate the turnover that has been assessed at a lower rate;
   • (d) assess the correct amount of tax payable for admission to the race meetings.
   • (e) in addition to the tax assessed under the sub-section, the Betting Tax Officer may also direct the Manager or Steward of the Race meeting or licensed book maker to pay a penalty which shall not be less than 3 times but which may extend to 5 times the tax due in a case where the Betting Tax Officer is satisfied that the under declaration of tax was willful and in all other cases where such failure was not willful the penalty shall not exceed one half of the tax due. 9-B Revision.- (1) The Commissioner of Commercial Taxes or the Joint Commissioner of Commercial Taxes may suo moto to call for and examine the record of any order passed or proceedings recorded by any authority, officer or person subordinate to him including the Betting Tax Officer, and if such order or proceeding recorded is prejudicial to the interest of revenue, may make such enquiry, or cause such enquiry to be made and subject to the provision of those Regulations, may initiate proceedings to revise, modify or set-aside such order or proceeding and may pass such order in reference thereto as the Betting Tax Officer thinks fit.
3. (2) Powers of the nature referred to under sub-section (1) may also be exercised by the Deputy Commissioner of Commercial Taxes in whose jurisdiction the Betting Tax Officer is discharging his duties.”