Revocation of certificate.

(1) Notwithstanding anything contained in section 8 or section 9, where it appears to the assessing authority that an applicant has obtained the certificate under section 7 by suppressing any material information or particulars or by furnishing any incorrect or false information or particulars, such Assessing Authority, may, within a period of two years from the date of issue of the said certificate, for reasons to be recorded in writing and after giving the applicant a reasonable opportunity of showing cause, revoke the certificate issued under sub-section (1) of section 7.

(2) If, a certificate is revoked under sub-section (1), any appeal or revision, as the case may be, under the relevant Act, covered by such certificate shall, notwithstanding the provisions of section 8 or section 9, stand revived or reinstated immediately upon such revocation, and such appeal or revision shall be decided in accordance with the provisions of the relevant Act, as if, no settlement of the arrears of tax and penalty in such proceeding or appeal or revision has ever been made under this Act.

(3) In the case of revocation of a certificate in accordance with sub-section (1), the amount paid by the applicant under section 5 shall be treated as payment towards the amount payable under the relevant Act for the demand for which the certificate has been revoked.