21: Assessment/reassessment of tax in certain circumstances M.P. ACT

21: Assessment/reassessment of tax in certain circumstances    (1) Where an assessment or re-assessment of a dealer has been made under this Act or the Act repealed by this Act and for any reason any sale or purchase of goods liable to tax under this Act or the Act repealed by this Act during any period,--         (a)  has been under assessed or has escaped assessment, or         (b)  has been assessed at a lower rate, or         (c)  any wrong deduction has been made while making the assessment , or         (d)  set off or a rebate of input tax has incorrectly been allowed while making the assessment ,         (e)  is rendered erroneous and prejudicial to    the interest of revenue consequent to or in the light of                 any judgment or order of any Court or   Appellate Board, which has become final,    the Commissioner may, at any time within a period of five calendar years from the date of order of assessment or reassessment in cases falling under clauses (a) to (d) and within a period of three calendar years from the date of judgment or order of any court or Appellate Board in cases falling under clause (e), proceed in such manner as may be prescribed, by issue a notice in the prescribed form appointing a place which may be the business premises or at such place specified in the notice to assess or re-assess, as the case may be the tax payable by such dealer after making such enquiry as he considers necessary, and assess or re-assess to tax.     (2) The commissioner shall, where the omission leading to   assessment or re-assessment made under sub-section (1) is attributable to the dealer, impose upon him a penalty not exceeding 3.5 times the amount of tax so assessed. or re-assessed but shall not be less than three times the amount of tax assessed.    (3 The assessment or re-assessment under sub-section (1) shall be made within a period of one calendar year from the date of commencement of the proceedings under the said sub-section   (4) Subject to such restrictions and conditions and in such manner   as may be prescribed, a dealer, on whom a penalty has been imposed under sub-section (2), may opt to pay a lump sum amount, which shall be twice the amount of tax assesed or reassessed. Once the dealer has exercised the option he shall not have any right to challenge the order of penalty in any forum.