Re-determination of tax

(1) If in consequence of an information, the licensing officer discovers that the tax due from the owner has been under determined or escaped determination in any year, the licensing officer, may, at any time, within ten years following the close of the year for which re-determination is to be made and after giving the owner a reasonable opportunity in the prescribed manner of being heard, proceed to re-determine the tax payable. (2) The licensing officer, may, at any time, within one year from the date of any order passed by him and subject to such conditions as may be prescribed rectify any clerical or arithmetical error apparent from the record.