Any authority under this Act may, of his own motion or on application being made in this behalf, rectify any mistake apparent from the record:
Provided that, if an order under this section has an adverse effect on an employer or a person, no such order shall be passed unless a reasonable opportunity of being heard has been given to such employer or person :
Provided further that, no order under this section shall be passed after the expiry of four years from the date of passing of the assessment order.
Explanation. - I. A mistake apparent from the record shall include an order which was valid when it was made and is Subsequently rendered invalid by an amendment of the law having retrospective operation or by a judgement of the Supreme Court, the Rajasthan High Court of the Tax Board.
Explanation. - II. An assessment wherein tax has been wholly or in part un-assessed or under-assessed in any way or under any circumstances, shall be deemed an escaped assessment and the prescribed authority shall on the basis of the material on record or after making such enquiry as it may consider necessary, compete such assessment within five years from the end of the relevant assessment year but this limitation shall not be applicable to any assessment to be made in consequence of, or to give effect to any finding or direction contained in an order passed by an Appellate Authority or the Tax Board or a competent court. No notice shall be issued in respect of any escaped assessment for any year after the expiry of three years from the end of the relevant assessment year.