s 24 Income wrongly exempted, etc.
(1) Notwithstanding any other provision of this Act, where it appears to the Director General that any income of the relevant company exempted under section 22 or any dividend exempted in the hands of a shareholder under section 23 ought not to have been exempted by reason of— (a) a direction under section 17 having been given with respect to a pioneer company after any income of the company has been exempted under section 22; (b) the cancellation of a pioneer certificate, he may, at any time within twelve years after the date of the direction or cancellation, make such additional assessments upon any person as appear to him to be necessary in order to counteract any benefit obtained from the exemption, or direct the relevant company to debit the exempt account with such amount as the circumstances require. (2) A direction given under subsection (1) shall, for the purposes of section 99 of the principal Act, be deemed to be a notice of assessment not relating to an assessment made under section 92 of that Act.