Assessment in cases of price variation
Notwithstanding anything contained in sections 27 and 28, –
(a) if a dealer receives in any year any amount due to price variations, which would have been included in his turnover for any previous year if it had been received by him in that year, he shall, within thirty days from the end of the year in which such amount is received, submit a return in the prescribed form to the assessing authority and thereupon the assessing authority shall proceed to assess the tax payable on such amount.
(b) if a dealer returns in any year any amount due to price variations, which would have been excluded in his turnover for any previous year if it had been returned by him in that year, he shall, within thirty days from the end of the year in which such amount is returned, submit a return in the prescribed form to the assessing authority and thereupon the assessing authority shall proceed to arrive at the quantum of the tax refundable on the amount returned by the dealer;
(c) if the assessing authority is satisfied that any return submitted under clause (a) or clause (b) is correct and complete, it shall assess or re-assess, as the case may be, the dealer on the basis thereof;
(d) if the return submitted by a dealer under clause (a) appears to the assessing authority to be incorrect or incomplete, the assessing authority shall, after making such enquiry, as it may consider necessary and after taking into account all relevant materials gathered by it, assess the dealer to the best of its judgement:
Provided that before taking action under this clause, the dealer shall be given a reasonable opportunity to prove the correctness and completeness of the return;
(e) if no return is submitted by the dealer under clause (a), the assessing authority may, within five years within which such returns must have been submitted, proceed to assess the tax payable on the amount referred to in the said clause:
Provided that before making any assessment under this clause, the assessing authority shall give the dealer an opportunity of being heard and make such other enquiry as it may consider necessary;
(f) in addition to the tax assessed under clause (e), the dealer is liable to pay a penalty, at the rate specified in sub-section (5) of section 22 and the assessing authority shall in the same order of assessment or by a separate order direct the dealer to pay such penalty;
(g) in making the assessment under clause (d) , in addition to the tax assessed, the dealer is liable to pay a penalty at the rate specified in sub-section (3) of section 27, if there is wilful non-disclosure of assessable turnover by the dealer.