(1)If the Assessing Authority is satisfied without requiring the presence of [dealer] [Substituted for 'registered dealer' by Punjab Act No. 28 of 1965.] or the production by him of any evidence that the returns furnished in respect of any period are correct and complete, [he shall pass an order of assessment on the basis of such returns within a period of three years from the last date prescribed for furnishing the last return in respect of such period] [Substituted vide Punjab Act No. 12 of 1998.](2)If the Assessing Authority is not satisfied without requiring the presence of [dealer] [Substituted for 'registered dealer' by Punjab Act No. 28 of 1965.] who furnished the returns or production of evidence that the returns furnished in respect of any period are correct and complete, he shall serve on such dealer a notice in the prescribed manner requiring him, on a date and place specified therein, either to attend in person or to produce or to cause to be produced any evidence on which such dealer may rely in a support of such returns.(3)On the day specified in the notice or as soon as afterwards as may be, the Assessing Authority shall, after hearing such evidence as the dealer may produce, and such other evidence as the Assessing Authority may require on specified points, [pass an order of assessment within a period of three years from the last date prescribed for furnishing the last return in respect of any period] [Substituted vide Punjab Act No. 12 of 1998.].(4)If a dealer having furnished returns in respect of a period fails to comply with the terms of notice issued under sub-section (2), the Assessing Authority shall, [within a period of three years from the last date prescribed for furnishing the last return in respect of such period, pass an order of assessment to the best of his judgement.] [Substituted vide Punjab Act No. 12 of 1998.](5)[ If a dealer does not furnish returns in respect of any period by the last date prescribed, the assessing authority shall within a period of three years from the last date prescribed for furnishing the last return in respect of such period and after giving the dealer a reasonable opportunity of being heard pass an order of assessment to the best of his judgement.] [Substituted vide Punjab Act No. 12 of 1998.](6)If upon information which has come into his possession, the Assessing Authority is satisfied that any dealer has been liable to pay tax under this Act in respect of any period but has failed to apply for registration, the Assessing Authority shall, within five years after the expiry of such period, after giving the dealer a reasonable opportunity of being heard, proceed to assess to the best of his judgment, the amount of tax, if any, due from the dealer in respect of such period and all subsequent periods and in case where such dealer has wilfully failed to apply for registration, the Assessing Authority may direct that the dealer shall pay by way of penalty, in addition to the amount so assessed a sum not exceeding one and a half times that amount.(7)[ The amount of any tax, penalty or interest payable under this Act shall be paid by the dealer in the manner prescribed, by such date as may be specified in the notice issued by the Assessing Authority for the purpose and the date so specified shall not be less than fifteen days and not more than thirty days from the date of service of such notice :Provided that the Assessing Authority may, with the prior approval of the Assistant Excise and Taxation Commissioner, incharge of the district extend the date of such payment or allow payment by instalments against an adequate security or bank guarantee.] [Substituted by Punjab Act No. 26 of 1978 w.e.f. 20.7.1978.](8)If the tax assessed under this Act or any instalment thereof is not paid by any dealer within the time specified therefor in the notice of assessment or in the order permitting payment in instalments, the Commissioner or any other person appointed to assist him under sub-section (1) of section 3 may, after giving such dealer an opportunity of being heard, impose on him a penalty not exceeding in amount the sum due from him.(9)Any assessment made under this section shall be without prejudice to any[penalty imposed] [Substituted for 'prosecution instituted for an offence' by Punjab Act No. 7 of 1967.] under this Act.(10)[ The Commissioner may, for reasons to be recorded in the writing, extend the period of three years, for passing the order of assessment for such further period as he may deem fit.(11)Where the proceedings of the assessment are stayed by an order of any court, the period for which such stay remains in force, shall not count towards computing the period of three years specified under this section for passing the order of assessment.(12)The Assessing authority may, on his own motion, review any assessment order passed by him and such review shall be completed within a period of one year from the date of the order under review.] [Sub-sections 10, 11 and 12 inserted vide Punjab Act No. 12 of 1998.]
