Section 24

Where it appears to the Collector that any company liable to tax has not been assessed or has been assessed at a less amount than that which ought to have been charged, the Collector may, within the year of assessment or within 12 years after the expiration thereof, assess such company at such amount or additional amount as according to his judgment ought to have been charged, and the provisions of this Act as to notice of assessment, appeal and other proceedings under this Act apply to such assessment or additional assessment and to tax charged thereunder.