Reassessment of tax

Reassessment of tax .-

1. (1) If in consequence of definite information which has come into his possession, the assessing authority is satisfied that the whole or any part of the turnover of a dealer has, for any reason, escaped assessment to tax, the assessing authority may, subject to the provisions of sub-section (2), at any time within five years from the expiry of the year to which the tax relates, proceed to assess or reassess the amount of the tax due from the dealer.