(1) The Chief Officer or the Municipal Commissioner may at any time alter the assessment list by inserting or altering an entry in respect of any property, such entry having been omitted from or erroneously made in the assessment list through fraud, accident or mistake, or in respect of any building constructed, altered, added to or reconstructed in whole or in part, where such construction, alteration, addition or reconstruction has been completed after the preparation of the assessment list, after giving notice to any person interested in the alteration of the list of a date, not less than one month from the date of service of such notice, before which any objection to the alteration should be made.

(2) An objection made by any person interested in any such alteration, before the time fixed in such notice, and in the manner provided by subsection (3) of section 106 shall be dealt with in all respects as if it were an application under the said section:

Provided that where the alteration is made under sub-section (1) by a Municipal Commissioner, the revising authority shall be the Commissioner.

(3) An entry or alteration made under this section shall, subject to the provisions of section 150 have the same effect as if it had been made in the case of a building constructed, altered, added to or reconstructed on the day on which such construction, alteration, addition or reconstruction, was completed, or on the day on which the new construction, alteration, addition or reconstruction was first occupied whichever first occurs, or in other cases, on the earliest day in the current official year on which the circumstances justifying the entry or alteration existed; and the tax or the enhanced tax, as the case may be, shall be levied in such year in the proportion which the remainder of the year after such day bears to the whole year.