(5)If upon information which has come into possession, the prescribed authority has reason to believe than any turnover of a registered dealer in respect of any period has for any reason escaped assessment or was under-assessed or assessed at a rate or rates lower than the rate' or rates correctly applicable, or any deduction from turn over had been wrongly made, it shall, within six years of the expiry of such period, serve on the dealer a notice in the prescribed Form and proceed to assess or reassess the amount of tax due from the dealer in respect of such turnover in the manner specified by or under this section:Provided that the amount of tax shall be assessed or reassessed after allowing such deduction and applying the same rate of tax as was admissible during the said period:Provided further that the said authority may, after giving reasonable opportunity to the dealer of being heard, impose a penalty not exceeding the amount of extra tax found leviable in the proceedings under this sub-section, if it is satisfied that the escape from assessment or under assessment had been caused by the deliberate and willful failure on the part of the dealer(a)to disclose, at the time of original assessment the particulars of such turnover; or(b)to furnish correct particulars.
