Section 11-1508. Determination of tax

If a return required by this chapter
  is not filed, or if a return when filed is  incorrect  or  insufficient,
  the  commissioner  of finance shall determine the amount of tax due from
  such information as may be obtainable and, if  necessary,  may  estimate
  the  tax  on the basis of external indices. Notice of such determination
  shall be given to the person liable for the payment  of  the  tax.  Such
  determination  shall  finally  and  irrevocably  fix  the tax unless the
  person against whom it is assessed, within ninety days after the  giving
  of  notice  of such determination or, if the commissioner of finance has
  established a conciliation procedure pursuant to section 11-124  of  the
  code  and  the  taxpayer  has  requested  a  conciliation  conference in
  accordance  therewith,  within  ninety  days  from  the  mailing  of   a
  conciliation  decision or the date of the commissioner's confirmation of
  the discontinuance of the conciliation proceeding,  both  (1)  serves  a
  petition  upon the commissioner of finance and (2) files a petition with
  the tax appeals tribunal for a hearing, or unless  the  commissioner  of
  finance  of  his  or  her  own  motion  shall redetermine the same. Such
  hearing and any appeal to the tax appeals tribunal sitting en banc  from
  the  decision  rendered in such hearing shall be conducted in the manner
  and subject to the requirements prescribed by the tax  appeals  tribunal
  pursuant  to  sections  one  hundred  sixty-eight  through  one  hundred
  seventy-two of the charter. After such hearing the tax appeals  tribunal
  shall  give notice of its decision to the person against whom the tax is
  assessed and to the commissioner of  finance.  A  decision  of  the  tax
  appeals  tribunal  sitting  en  banc  shall  be  reviewable  for  error,
  illegality or unconstitutionality or any other reason  whatsoever  by  a
  proceeding  under  article  seventy-eight  of the civil practice law and
  rules if application therefor is made to the supreme court by the person
  against whom the tax was assessed within four months after the giving of
  the notice of such tax appeals tribunal  decision.  A  proceeding  under
  article  seventy-eight  of the civil practice law and rules shall not be
  instituted by a taxpayer unless: (a) the amount of any tax sought to  be
  reviewed,  with penalties and interest thereon, if any, shall first have
  been deposited with the commissioner  of  finance  and  an  undertaking,
  issued by a surety company authorized to transact business in this state
  and  approved  by  the  superintendent  of insurance of this state as to
  solvency and responsibility, filed with the commissioner of  finance  in
  such  amount  and  with  such sureties as a justice of the supreme court
  shall approve, to the effect that if such proceeding be dismissed or the
  tax confirmed the taxpayer will pay all  costs  and  charges  which  may
  accrue in the prosecution of the proceeding, or (b) at the option of the
  taxpayer  such undertaking filed with the commissioner of finance may be
  in a sum sufficient to cover the taxes, penalties and  interest  thereon
  stated  in  such  decision  plus  the costs and charges which may accrue
  against it in the prosecution of the  proceeding,  in  which  event  the
  taxpayer  shall  not  be  required  to deposit such taxes, penalties and
  interest as a condition precedent to the application.