47. Assessment as per return

(1)        Where the Commissioner does not proceed to assess any registered dealer under sub-section (1) of section 46 for any year or any return period of such year and where the provisional assessment made against such dealer in respect of such year or return period has been revoked under sub-section (3) of section 45, the Commissioner shall accept the returns furnished by the dealer for such year or any return period of such year as correct and complete and assessment in respect of such year or such period shall be deemed to have been made by him.

(2)        Upon making of an assessment under sub-section (1), the Commissioner shall inform the dealer who is assessed under that sub-section in such manner and within such time as may be prescribed.

(3)        Where an 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 and where it appears to the Commissioner on information or otherwise that in a return furnished by such registered dealer under section 32 in respect of any period of such year or part of a year,-

(a)        certain sale price or part thereof, contractual transfer 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  

(aa) certain 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 turnover of sales were claimed under sub-section (1) of section 16 in such return, erroneously or otherwise, in excess of what is admissible under sub-section (1) of that section, or the deductions so claimed in such return are not supported by evidence referred to in sub-section (1) of that section, or

(c)        excess amount of input tax credit or input tax rebate has been enjoyed by the dealer for that period, and no reverse credit for such excess amount has been made by such dealer,  

(d) the information furnished are not correct and complete, or 

(e) there are certain other discrepancies,

which has resulted in reduction of the amount of net 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), or 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 46:

PROVIDED that the fresh assessment under sub-section (1) of section 46 for such year shall be made, notwithstanding the provisions of section 49, 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.

(3A)      where an assessment has deemed to have been made under sub-section (1) in respect of a registered dealer relating to any year or part of a year , where the report, prepared under sub-section (3) of section 43 in respect of such year or such part of a year, contains in findings as referred to in sub-section (5) of section 43, the Commissioner shall, within a period of six months from the date of preparing such report, 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 fresh assessment of tax under sub-section (1) of section 46

Provided that the fresh assessment under sub-section (1) of section46 for such year or part of a year shall be made, notwithstanding the provisions of section 49, on any date within six months from the date of passing the order in writing for responding the assessment in respect of such year or such part of a year, which is deemed ti have been made in accordance with the provisions of sub-section (1) of this section.

(4) Where a registered dealer brings to the notice of the commissioner by making an application to him within six 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 or part of a year –

(a) that an amount of net tax or interest or late fee as referred to in subsection

(2) of section 32 has been paid by him in excess of what was payable in respect of any return period falling within such year or part of a year, due to his error in fact or in law; or

(b) that the excess amount of input tax credit or input tax rebate, which has accumulated during a year, at his option, has not been carried forward to a return period in the following year, the commissioner may, if he is prime facie satisfied about such excess payment owing to error in fact or in law or about such excess amount of input tax credit or input tax rebate that has not been carried forward, within one year from the date of receipt of such application, reopen such assessment, by an order in writing, for making a fresh assessment of tax of such year or such part of a year under subsection (1) of section 46:

Provided that the fresh assessment under sub-section (1) of section 46 for such year or such part of a year shall be made, notwithstanding the provisions of section 49, on any date within two years from the date of passing of the order, in writing, for reopening the assessment in respect of such year or such part of a year, which is deemed to have been made in accordance with the provisions of sub-section (1) of this section.