Re-assessment

In case where the assessment has been completed and the assessing authority has reason to believe that there has been under-assessment of tax by reasons of omission or failure on the part of the owner to furnish a statement under this section or to disclose fully and truly all material facts, the assessing authority can on its own motion make a fresh assessment within a period of four years following the year in which the assessment was made after giving the person a reasonable opportunity of being heard. Penalty: In case of default in the deposit of the tax and penalty, it shall be recovered by the prescribed authority as an arrear of land revenue and the period of default shall be counted from the expiry of 30 days of the date of intimation.