(1)Where for any reason all or any of the Scheduled goods brought by a dealer has escaped assessment of tax, or where value of all or any Scheduled goods has been under-assessed, or any deduction has been allowed wrongly, the assessing, authority, on the basis of information in his possession, may, [within a period of seven years] from the and of the year to which the tax period relates, serve a notice on the dealer in such form and in such manner as may be prescribed and after making such enquiry as he considers necessary and after giving the dealer a reasonable opportunity of being heard, proceed to assess the dealer accordingly.
