Power to reassess

Power to reassess.—

1. (1) If the assessing authority has reason to believe that the whole or any part of the tax liability of a registered stockist in respect of any period has escaped assessment or has been under-assessed or assessed at a lower rate, then the assessing authority may, at any time within five years from the end of the year in which such period falls, serve on the registered stockist a notice containing all or any of the requirements which may be included in a notice under sub-section
2. (2) of section 7 and may proceed to assess or reassess the amount of the tax due from such stockist: Provided that the tax shall be charged at the rate at which it would have been charged if such tax had not escaped assessment or had not been under-assessed.
3. (2) Nothing in this section shall be deemed to prevent the assessing authority from making an assessment to the best of its judgment under section 8 where the registered stockist fails to comply with the notice issued under sub-section (1).