Section 12B(5) in Telangana (Agricultural Produce and Livestock) Markets Act, 1966
(5)Where, for any reason, the whole or any part of the turnover of a trader has escaped assessment to market fees or has been under assessed or assessed at a rate lower than the correct rate, the assessing authority may, at any time within a period of three years from the date on which any order of assessment was served on the trader,-(a)determine to the best of its judgment the turnover that has escaped assessment and assess the turnover so determined;(b)assess the correct amount of market fees payable on the turnover that has been under assessed;(c)assess at the correct rate the turnover that has been assessed at a lower rate, after issuing a notice to the trader and after making such inquiry as it considers necessary. The assessing authority, in addition to the market fees so assessed, also direct the trader to pay a penalty equal to two times the market fees.
