(1) If the Commissioner has reason to believe that any turnover of sales of any goods chargeable to tax under this Regulation, has in respect of any year escaped assessment, or has been under-assessed, or assessed at a lower rate, or that any deductions have been wrongly made, in an order of assessment made under section 20, then the Commissioner may,—
(a) where he has reason to believe that the dealer has concealed such sales or any material particulars relating thereto, or has knowingly furnished incorrect particulars of returns, at any time within eight years, and
(fa) in any other case, at any time within five years ol the end of the period to which such turnover or deductions relate, serve on the dealer liable to pay tax a notice requiring him, on a date and at a place specified therein, either to attend or produce or cause to be produced such evidence as may be specified in the notice, and may proceed to assess or reassess the amount of tax due from such dealer, and accordingly the other provisions of this Regulation and the rules made thereunder shall, so far as may be, apply as if the notice were a notice referred to in sub-section (2) or sub-section (3) of section 20:
Provided that the amount of tax shall be assessed at the rates at which it would have been liable to tax had there been no underassessment or escapement or assessment at a lower rate, but after making deductions, if any, admissible under this Regulation during the period to which the turnover relates,
(2) Nothing in sub-section (1) shall apply to any proceeding, including any notice issued, under section 20.
Assessment and reassessment of tax.
34 THE GAZETTE OF INDIA EXTRAORDINARY [PART II—
(3) Any assessment or reassessment made under this section shall be without prejudice to any penalty imposed, or to any prosecution, instituted, for an offence under this Regulation.