(1) Notwithstanding anything contained in section 15,where it appears to the designated authority that, the applicant has obtained the benefit of settlement, by suppressing any material information or particulars or by furnishing any incorrect or false information or, if any, suppression of material facts, concealment of any particulars is found in the proceedings related to search and seizure under the Relevant Act, then the designated authority may, for reasons to be recorded in writing and after giving the applicant an opportunity of being heard, may within two years from the end of the financial year in which the order of the settlement has been served, revoke the said order issued under sub-section (1) of section 12.
(2) If an order of settlement is revoked under sub-section (1), the assessment, revision, review or appeal, as the case may be, under the Relevant Act, covered by such order of settlement, shall, notwithstanding anything contained in sections 8 and 15, stand revived or reinstated immediately upon such revocation, and such assessment, revision, review or appeal, as the case may be, shall be decided in accordance with the provisions of the Relevant Act, as if no order of settlement of the arrears of tax, interest, penalty or late fee has ever been made, and notwithstanding the period of limitation provided under the Relevant Act, such assessment, revision, review or appeal, as the case may be, shall be made by the respective authorities, within two years from the date of passing the order of such revocation:
Provided that, an appeal shall be re-instated on application made in this behalf to the appellate authority within sixty days from the date of communication of the order of revocation.