(4)If upon information received, the prescribed authority is satisfied that a dealer liable to pay tax under this Act in respect of any period wilfully failed to apply for registration under subsection (1) of section 10 or having applied, wilfully failed to furnish any particulars or information required for the purpose of registration or having been registered fails to furnish returns within the period prescribed under sub-section (1) of section 11, the said authority shall, after giving the dealer a reasonable opportunity of being heard, assess, according to its best judgment, the amount of tax due from the dealer for such period or any subsequent periods and in addition, may impose a penalty of an amount not exceeding one half of the amount of tax so assessed:Provided that no proceedings under this sub-section shall he initiated after four years from the expiry of such period.Explanation. - For the purpose of sub-section (3) or subsection (4), as the case may be, the proceedings shall be deemed to have been initiated when a notice therefor is served or deemed to have been served on the dealer.
