(1) Where after a dealer is assessed under Section 35 or Section 36 for any year or part thereof, and the Prescribed Authority, upon information or otherwise has reason to believe that the whole or any part of the turnover of the dealer in respect of any period has -

(a) escaped assessment; or

(b) been under assessed; or

(c) been assessed at a rate lower than the rate on which it is assessable

(d) been wrongly allowed any deduction therefrom; or

(e) been wrongly allowed any credit therein;

the prescribed authority may, serve or cause to serve a notice on the dealer and after giving the dealer reasonable opportunity of being heard and making such inquiries as he considers necessary, proceed to assess to the best of his judgement, the amount of tax due from the dealer in respect of such turnover, and the provisions of this Act shall so far as may be, apply accordingly.

(2) No order of assessment and reassessment shall be made under sub-Section (1) after the expiry of five years from the end of the year in respect of which or part of which the tax is assessable.