(1) If the Commissioner considers that any order passed by a Special Commissioner or an Additional Commissioner or any person appointed under sub-section (1) of section 6 is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the dealer or casual dealer or person likely to be affected an opportunity of being heard and after making or causing to be made such inquiry, if any, as he deems necessary, pass such order as the circumstances of the case justify, including an order enhancing or modifying any assessment, or canceling or setting made any assessment and directing a fresh assessment or revising or cancelling or setting aside any other order made under this Act by any such authority and directing a fresh order to be passed under this Act.

(2) No order shall be made under sub-section (1) after the expiry of four years from the date of the order sought to be revised: Provided that in computing the period mentioned under this sub-section, the period during which any proceedings under this section is stayed by an order of an authority under this Act or a tribunal or any court, shall be excluded.