Section 3402-503 - Estimated assessmentsA. If any individual or fiduciary believed by the department to be liable for a tax under the provisions of this act shall have failed to file a return in accordance with, and within the time prescribed by, the provisions of this act, or any extension thereof granted by the department, if the department should deem it more conducive to the public interest because of the supposed smallness of the tax, or for any other reason, not to proceed to compel the exhibition of such individual's or fiduciary's accounts, it may make an estimated assessment of the probable amount of the tax owing by such individual or fiduciary; but, in every such case, it shall add to every such estimated assessment a penalty of fifty per centum, to include any losses which might otherwise accrue to the Commonwealth from such neglect or refusal to file a return or statement, and the department shall proceed to recover money so due the Commonwealth as in other cases, if not paid when due, as hereinafter provided.B. The amount thus determined, together with penalties and interest at the rate of one per centum per month or fractional part thereof, shall be due and payable ten days after notice of such settlement shall be mailed by the department.1935, July 12, P.L. 970, No. 314, art. V, § 503.