Fringe benefits escaping assessment allows assessing officer to assess or reassess unreported, understated or under-assessed fringe benefits. If the Assessing Officer believes fringe benefits chargeable to tax have escaped assessment for a relevant assessment year, he may, subject to other statutory provisions, assess or reassess those fringe benefits and any additional fringe benefits discovered in the course of proceedings. The section expressly covers failure to file a return, understatement of value in a filed return, and cases where an assessment exists but the fringe benefits were under-assessed.