Amendment status not verified — confirm the current text below against the official source.
Assessment of escaped or under assessed tax: If for any reason any tax payable under this act, has escaped assessment or has been under assessed or assessed at lower rate than the rate at which it is assessable, the assessing authority may at any time within four years from the expiry of the year to which the tax relates, proceed to assess or reassess the tax, as the case may be to the best of its judgment after issuing a notice to the assessee concerned and after making such inquiry as it considers necessary. Provided that the tax shall be charged at the rate at which it would have been charged ifsuch tax had not escaped assessment or as the case may be had not been under assessed or assessed at a rate lower than the rate at which it was assessable.