(1) Notwithstanding anything contained in sections 41 and 42, the Commissioner may, by notification, select dealers, on the basis of large tax payment or large turnover, from time to time, or who has been granted provisional refund under section 58, for assessment in lieu of tax audit and audit assessment.

(2) After notification of the dealers for assessment under sub-section (1), the assessing authority may serve on such dealer a notice in the prescribed manner, requiring him to appear in person or through his authorized representative on a date and place specified therein and produce or cause to be produced such books of account, documents relying on which the assessing authority , may proceed to assess the said dealer.

(3) Where a notice is issued to a dealer under sub-section (2), he shall be allowed time for a period of not less than thirty days for production of relevant books of account and documents.

(4) If the dealer fails to appear or cause appearance, or fails to produce or cause production of the books of account and documents as required under sub-section (2), the assessing authority may proceed to complete the assessment to the best of his judgment basing on the materials available, and after causing such enquiry as he deems necessary.

(5) Where the dealer to whom a notice is issued under sub-section (2), produces the books of account and documents, the assessing authority may, after examining all the materials as available with him in the record and those produced by the dealer and after causing such enquiry as he deems necessary, assess the tax due from that dealer accordingly.

(6) Without prejudice to any penalty or interest that may have been levied under any provisions of this Act, penalty not exceeding twenty five per centum of the tax so arrived under sub- section (4) or sub-section (5) may be imposed in respect of any assessment completed under the said sub-sections.

(7) Notwithstanding anything contained to the contrary in any provision under this Act, an assessment under this section shall be completed within a period of six months from the date of service of the notice on the dealer:

Provided that if, for any reason, the assessment is not completed within the time specified in this sub-section, the Commissioner may, on the merit of each such case, allow such further time not exceeding six months for completion of the assessment proceeding