§ 25. Assessment

When the Department of Public Service discovers from the examination of the return or otherwise that the revenue of any company, or any portion thereof, has not been assessed, it may at any time within two years after the time when the return was due, assess the same and give notice to the company of such assessment, and within 30 days such company shall thereupon have an opportunity to confer with the Department as to the proposed assessment. The limitation of two years to the assessment of such tax or additional tax shall not apply to the assessment of additional taxes upon fraudulent returns. After the expiration of 30 days from such notification, the Department shall reassess the revenue of such company or any portion thereof which it finds has not theretofore been assessed and shall give notice to the company so reassessed, of the amount of the tax and interest and penalties, if any, and the amount thereof shall be due and payable within 10 days from the date of such notice. No additional tax amounting to less than $1.00 shall be assessed. (Amended 1959, No. 329 (Adj. Sess.), § 39(b), eff. March 1, 1961; 1979, No. 204 (Adj. Sess.), § 11, eff. Feb. 1, 1981.)