(1) The Commissioner may, after giving a notice to a registered dealer in such manner as may be prescribed, assess to the best of his judgement the amount of net tax or any other tax payable or net tax credit of such dealer in respect of a year or part thereof, where-

(a) no return has been furnished by the registered dealer for all or any of the return periods of such year or part thereof; or

(b) the Commissioner deems it fit and proper to assess the registered dealer, as he is prima facie satisfied that there has been short payment of net tax or excess claim of net tax credit by such dealer, or that the State Government has suffered loss of revenue on account of such dealer, or for any other reason to be recorded in writing, including for the purpose of refund of tax:

Provided that-

(a) no assessment shall be made under this section for the period for which a provisional assessment has been made under sub-section (2) of section 45 but has not been revoked under sub-section (3) or subsection (4) of that section, or appeal is pending under section 84 or application for revision is pending under section 87 or section 87A, in respect of such assessment;

(b) no assessment shall be made under this section in respect of a return period, where a notice under sub-section (2) of section 43 has been issued for the purpose of auditing the accounts, registers and documents of the dealer for a period containing that return period;

(c) no fresh assessment proceedings under this sub-section shall be made, where the report together with the computation sheet arising from an audit under section 43, are deemed to be an order of assessment and a notice of demand, respectively, under sub-section (5A) of that section;

(d) no assessment may be made under this Act in respect of any return period starting on or aftrer the 1st day of April, 2010, if assessment under the Central Sales Tax Act, 1956, is required to be made only for non-furnishing of declaration and certificates prescribed under the said Act, and the Commissioner deems it fit and proper not to make such assessment;

(e) no assessment may be made for any return period starting on or after the 1st day of April, 2010, in respect of a registered dealer who has closed his business where the Commissioner deems it fit and proper:

Provided further that if on appeal or revision, a provisional assessment order under section 45 in respect of a year or a return period is set aside with a direction to make fresh assessment, no further action shall be taken under section 45 and assessment for the year or part thereof containing that return period shall be made afresh under this section and such assessment shall be completed within two years from the date of order made in appeal or revision;

(1A) Nothing in sub-section (1) shall be construed to restrict the power of the Commissioner, or of any person appointed under subsection (1) of section 6 to assist him, to make an assessment under this section in respect of any return period ending on or before the 31st day of March, 2012 where the proceeding for such assessment, or for audit under section 43 for such period, is or has been initiated on or before the 30th June, 2013.

(2) Omitted w.e.f.01-04-2012.

(3) The Commissioner shall-

(a) in making the assessment under sub-section (1), give the dealer a reasonable opportunity of being heard; and

(b) after making such assessment, issue to the dealer a notice directing him to pay the net tax payable, late fee and interest determined, the difference between the amount of input tax credit which the dealer has carried forward in the return for the next return period and the amount of excess of net tax credit over output tax payable, as is found admissible upon assessment, which may be carried forward to the next returm period or where no such amount which can be carried forward to the next return period is found admissible upon assessment, the amount of input tax credit which the dealer has carried forward in the return for the next return period, and penalty imposed upon such assessment in such manner as may be prescribed.