Section 8(2) in The Punjab Forward Contracts Tax Act, 1951
(2)If upon information received the assessing authority is satisfied that a dealer who was liable to pay tax under this Act in respect of any period had nevertheless willfuly failed to apply for registration, the assessing authority shall, at any time within two years from the expiry of such period, after giving the dealer a reasonable opportunity of being heard, proceed, in such manner as may be prescribed, to assess to the best of his judgment the amount of tax due from the dealer in respect of such period and all subsequent periods, and the assessing authority may direct that the dealer shall pay by way of penalty, in addition to the amount of tax so assessed, a sum not exceeding one and a half times that amount.
