50. Assessment of escaped turnover. –

(1) Where a dealer has already been assessed under section 39, 40 or 42 and it is required to reopen the assessment under subsection (1) of section 43 for occurrence of any or more of the events specified in that subsection, the assessing authority shall serve a notice in Form VAT -307 upon the dealer.

(2) The hearing of the dealer shall be concluded in accordance with the provisions of sub-rules (2), (3), (4) and (5) of rule 49.

(3) The assessing authority shall, after hearing the dealer in the manner specified in sub-rule (2), assess to the best of judgment, the amount of tax payable by the dealer in respect of a tax period or tax periods, for which assessment proceeding has been initiated, and impose penalty under sub-section (2) of section 43.

(4) In the event of default by a dealer to comply with the requirements of the notice referred to in sub-rule (1), the assessing authority may make, to the best of judgment, an exparte assessment of the tax payable by such dealer in respect of such tax period or tax periods and pass an order of assessment in writing, after recording the reasons therein.