If on the scrutiny of return received under rule 123, it is found by the agency officer that any information mentioned therein is not correct or is doubtful or he deems it necessary to re-assess 222 (259) the tax due to any reason, then the CEO may take action for the re assessment of the tax.
Provided that in the re-assessment, the variation upto ten per cent on either side shall be ignored but where the variation is more than ten per cent, the owner of land or building, as the case may be, shall be liable to pay such penalty which will be equal to five times of the amount of difference of self assessment made by such owner and the re-assessment made by the agency;
Provided further that against the order passed by the CEO under the first proviso, an appeal may be filed before the Board of the agency within thirty days from the date of passing the orders, on which the Board may, after hearing the parties concerned, shall give its decision, which shall be final;
Provided also that the scrutiny of the return deposited under rule 123, shall be completed within one year from the receipt of return or before the expiry of the next financial year, whichever is earlier. After the expiry of the said period the return shall not be scrutinized.