(1) Notwithstanding anything contained in sub-section (1) of section 45 or sub-section (1) of section 45A, returns furnished in accordance with the provisions of sub-section (4) of section 30 by a registered dealer having a gross turnover of sales or gross contractual transfer price or an aggregate of gross turnover of sales and gross contractual transfer price, in a year below three crore rupees in respect of the year or years comprising the period or periods commencing on and from the day immediately following the latest year or part of a year comprising the period or periods for which assessment under sub-section (1) of section 45 has been made and ending on or before the 31st day of March, 2005 (hereinafter referred to as the eligible period) shall be accepted as correct and complete and all assessments in respect of such eligible period shall, subject to the provisions of sub-section (2), be deemed to have been made under sub-section (1) of section 45 on the 1st day of July, 2006 :

PROVIDED that the provisions of this sub-section shall not apply in respect of any such year or part of a part of a year where-

(a) a registered dealer has not furnished return together with receipted challan showing payment of tax and interest, if any, for any return period falling within the eligible period, or

(b) any assessment made under sub-section (1) of section 45 in respect of a registered dealer relating to any year falling within the eligible period has been set aside under section 79, section 80 or, section 82, with the direction to make fresh assessment, or

(c) subsequent to any seizure made under section 66 of accounts, registers or documents of a registered dealer, any report indicating any evasion of tax by such registered dealer during any period falling within the eligible period has been received by the commissioner prior to the date of coming into force of this sub-section.

(2) Where assessment is deemed to have been made under sub-section (1) in respect of a registered dealer relating to any year or part of a year falling within the eligible period and where it appears to the commissioner on information or otherwise that in a return furnished by such registered dealer under section 30 in respect of any period of such year or part of a year -

(a) certain sale prices, or parts thereof, contractual transfer price or part thereof, or Specified purchase price or part thereof, has not been disclosed in such return, or has escaped levy of tax thereon at the appropriate rate, erroneously or otherwise, or

(b) the deductions from the gross turnover of sales were claimed under sub-section (3) of section 17 in such return, erroneously or otherwise, in excess of what is admissible under sub-section (3) of that section, or the deductions so claimed in such return are not supported by evidence referred to in sub-section (30) of that section or,

(c) claim for lower rate of tax has been preferred in such return under sub-section (2), or sub-section (2A) of section 17 in respect of any turnover of sales without any valid evidence referred to therein.

which has resulted in reduction of the amount of tax payable by such registered dealer or the State Government has suffered loss of revenue on any of the grounds referred to in clause (a), clause (b), or clause (c), of this sub-section on account of such registered dealer in respect of such year or part of such year, the commissioner shall, within a period of four years from the date of assessment deemed to have been made in accordance with the provisions of sub-section (1), after giving such registered dealer a reasonable opportunity of being heard, reopen such assessment by an order in writing in the prescribed manner for making a fresh assessment of tax under sub-section (1) of section 45:

PROVIDED that the fresh assessment under sub-section (1) of section 45 for such year shall be made, notwithstanding the provisions of section 48, on any date within two years from the date of passing the order in writing for reopening the assessment in respect of such year, which is deemed to have been made in accordance with the provisions of sub-section (1) of this section.

(3) Where an assessment in respect of a registered dealer has been deemed to have been in accordance with the provisions of sub-section (1) for any year or part of a year falling within the eligible period, such registered dealer shall verify the related returns with his books of accounts and documents required to be furnished for substantiating his gross turnover of sales, claims for exemption from payment of tax or for payment of tax at a lower rate, as mentioned in such return, and if he finds that there is any short payment of tax or interest, he shall furnish a declaration in the prescribed form on or before the 30th day of April, 2007 together with a receipted challan showing payment of such balance amount of tax or interest.

(4) (a) Where a dealer brings to the notice of the Commissioner by making an application to him within twelve months from the date of assessment deemed to have been made in accordance with the provisions of sub-section (1) in respect of any year that due to his error in fact or in law, an amount of tax or interest has been paid by him in excess of what was payable in respect of any return period falling within such year ; and

(5) The commissioner shall, while making the fresh assessment in pursuance of sub-section (2) in respect of any registered dealer for any period, direct such dealer to pay, in addition to the tax so assessed and penalty imposed, if any, under sub-section (1) of section 45, a sum not less than twice, but not exceeding thrice, the amount of tax assessed by way of further penalty :

PROVIDED that no penalty under this sub-section shall be imposed where such registered dealer furnishes a declaration in accordance with the provisions of sub-section (3).