(1) Notwithstanding anything contained in any other provision of this Act, if any dealer,

(a) is found on audit of his books of accounts other records or otherwise, to have submitted incorrect or incomplete return for any period; or

(b) fails to make available any accounts or other records required by the audit officer for audit in the business place of the dealer; or

(c) fails to prove the claim of input tax credit special rebate or refund claimed, the audit officer may, at any time within four years from the last date of the year to which the return relates, after conducting such enquiry as he may deem necessary, reject the returns of such return periods and complete the assessments to the best of judgment

Provided that no assessment under this section shall be completed without affording the dealer an opportunity of being heard.

Provided further that where the defect in the return is only the application of incorrect rate of tax, mistake in the claim of input tax credit, special rebate or refund, no assessment under this sub-section shall be made where the dealer, at his option, files revised return and pays the balance tax along with interest under sub-section (5) of section 31 and thrice the interest as settlement fee:

Provided also that the time limit mentioned in this sub-section and the preceeding proviso shall not apply to a dealer where the claim of input tax credit, special rebate or refund made by him was on the basis of any bogus or forged document or where the claim was otherwise fraudulent.

Provided also that the period for the completion of assessments including those subjected to extension under section 25B which expires on 31st March, 2015 shall be extended up to 31st March, 2016.

Provided also that the period for rejection of return and completion of assessments including those subjected to extension under section 25B which expires on 31st March, 2017, shall be extended up to 31st March, 2019.

(2) Notwithstanding anything contains in sub-section (1) the officer designated under sub section (1) of Section 23 may, on his own motion or on a reference being made to him by the assessing authority or an application of an assessee, call for and examine the record of any proceeding in which an assessment is pending and, if he considers that, having regard to the nature of the case or the amount involved or for any other reason, it is necessary so to do, he may issue such directions as he thinks fit for the guidance of the assessing authority to enable him to complete the assessment, and such directions shall be binding on the assessing authority:

Provided that no directions which are prejudicial to the assessee shall be issued before an opportunity is given to the assessee of being heard.