Section 62

Where it appears to the Collector that any person 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 6 years after the expiration thereof, assess such person 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 shall apply to such assessment or additional assessment and to tax charged thereunder.

Notwithstanding subsection (1), where, in the opinion of the

Collector, any form of fraud or wilful default has been committed by or on behalf of any person in connection with or in relation to tax, he may, for the purpose of making good any loss of tax attributable to fraud or wilful default, assess that person at any time.

This section also applies, with the necessary modifications, to any assessment made under subsection (1) or (2) which results in any unabsorbed allowances or losses.