(1) If the Assistant Commissioner has reasons to believe that any draw has escaped assessment to tax or has been assessed at a rate lower than the rate at which it is assessable under this Ordinance, the Assistant Commissioner may, notwithstanding the fact that assessment in respect of such draw was already before him at the time of assessment or re-assessment, but subject to the provisions of sub-section (3), at any time within a period of three years from the expiry of the period to which the tax relates, proceed to assess or re-assess to the best of his judgment the tax payable by the promoter in respect of such draw after issuing a notice to the promoter and after making such enquiry as he may consider necessary.
(2) In making an assessment under sub-section (1) the Assistant Commissioner may, if he is satisfied that the escapement from assessment is due to willful non-disclosure of the draw by the promoter, direct him to pay in addition to the tax assessed under sub-section (1) a penalty equal to one half of the tax so assessed:
Provided that no penalty under this sub-section shall be directed to be paid unless the promoter affected has had a reasonable opportunity of showing cause against such imposition.
(3) In computing the period of limitation for assessment under this Section the time during which an assessment has 681 been deferred on account of any stay order granted by any Court or other authority or by reason of the fact that an appeal or other proceeding is pending, shall be excluded.
Provided that nothing contained in this section limiting the time within which any action may be taken or any order, assessment or re-assessment may be made, shall apply to an assessment or re-assessment made on the promoter in consequence of, or to give effect to, any finding direction or order made under Sections 15 to 18 or any judgment or order made by the Supreme Court, the High Court or any other Court.