Section 35 in The Punjab Forward Contracts Tax Rules, 1951
35.
If, in consequence of definite information which has come into his possession, the appropriate Assessing Authority discovers that the turnover of a dealer has been under- assessed or has escaped assessment in any year, the appropriate Assessing Authority may, at any time within a period of two years following the close of the year for which the turnover is proposed to be reassessed, send a notice to the dealer in from F.C. XIV and, after hearing him and making such enquiry as authority consider necessary, may proceed to reassess the tax payable on the turnover which has been under-assessed or has escaped assessment.
