Amount of Rent escaping assessment

(1) If upon information or otherwise the prescribed authority is satisfied that reasonable grounds exist to believe that any amount of rent of a proprietor escaped assessment or amount of rent has been under assessed or assessed at a lower rate than that which was correctly applicable, the prescribed authority, after giving the proprietor a reasonable opportunity of being heard, re-assess the proprietor for such escaped amount of rent. The provisions of section 9 shall, so far as may be, apply accordingly as if the notice under this section is served under section 9. (2) The prescribed authority, if he has reason to believe that proprietor has concealed the amount of rent shall direct the proprietor to pay in addition to any tax which is or may be assessed under sub-section (1), by way of penalty sum not exceeding three times but not less than an amount equivalent to amount of tax which is or may be assessed on the escaped amount of rent. No proceeding under this section shall be initiated except before the expiry of eight years from the date of order of the original assessment.