(1) Subject to section 102, the Comptroller—
(a) shall make an assessment of the chargeable income of and the tax payable by every person chargeable with tax; and
(b) may make an assessment of any person where there is no chargeable income but there is an entitlement to a refund of tax.
(2) Where a person furnishes a return of income, the Comptroller may accept such return and make an assessment in accordance with it.
(3) Where —
(a) a person fails to furnish a return of income;
(b) a person fails to furnish a return in accordance with —
(i) Schedule 3,
(ii) Schedule 4,
(iii) section 72 or any other section for which a return is required to be furnished;
(c) the Comptroller is not satisfied that the return furnished by any person is true and correct,
the Comptroller may make an assessment to the best of his or her judgement.
(Substituted by Act 2 of 2009)