Tax Book 2023

Records and Books Chapter- 04

Q.15 Where a show-cause notice has been issued, _____ of penalty shall be recovered from the
taxpayer

(a) 25%

(b) 50%

(c) 75%

(d) 100%

Q.16 Where an authorized officer of Inland Revenue considers it necessary to take a sample of any goods
or raw materials to determine the value of goods and sales tax liability or for any other reason, he
may remove a ___quantity to enable him for proper examination or analysis to be made.

(a) minimum

(b) maximum

(c) average

(d) none of the above

Q.17 The Commissioner Inland Revenue or an officer of Inland Revenue may, in respect of any transaction
between persons who are associates, determine the transfer price of taxable supplies between the
persons on the basis of ___.
(a) Fair Market Value

(b) Net Realisable Value

(c) market value

(d) Discounted value

ANSWERS

1 (a) 2 (a) 3 (d) 4 (d) 5 (d)

6 (b) 7 (a) 8 (b) 9 (b) 10 (d)

11 (a) 12 (b) 13 (b) 14 (c) 15 (d)

16 (a) 17 (a)