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Home Acts & Rules Income Tax Act Income-tax Act, 1961 Chapters List Chapter XIV PROCEDURE FOR ASSESSMENT This

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Section 147 - Income escaping assessment - Income-tax Act, 1961

Extract

..... ings under this section, irrespective of the fact that the provisions of section 148A have not been complied with.] - Notes :- 1. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 2. Substituted for "Income-tax" by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 3. Substituted for ", for reasons to be recorded by him in writing, is of the opinion" by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 4. Inserted by Finance Act, 2008, w.e.f. 1.4.2008. Further Substituted vide Finance Act, 2012, w.e.f. 01-07-2012, before it was read as:- "Provided further" 5. Inserted vide Finance (No.2) Act, 2009, w.e.f. 1-4-1989 6. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012 .....

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Section 147 - Income escaping assessment - Income-tax Act, 1961

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..... nt year. 6[Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year:] 4[Provided also] that the Assessing Officer may assess or reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped assessment] Explanation 1.-Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure wit .....

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Section 147 - Income escaping assessment - Income-tax Act, 1961

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..... d by the Assessing Officer that the income of the assessee exceeds the maximum amount not chargeable to tax, or as the case may be, the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return; ] 7[(d) where a person is found to have any asset (including financial interest in any entity) located outside India.] 5[Explanation 3.- For the purpose of assessment or reassessment under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, notwithstanding that the reasons for such issue have not been included in the reasons .....

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Section 147 - Income escaping assessment - Income-tax Act, 1961

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  1. 94/2022 - Dated: 10-8-2022 - Income-tax (24th Amendment) Rules, 2022
  2. 18/2022 - Dated: 29-3-2022 - e-Assessment of Income Escaping Assessment Scheme, 2022
  3. 137/2021 - Dated: 13-12-2021 - e-Verification Scheme, 2021
  4. 4/2017 - Dated: 3-4-2017 - Procedure, Formats and Standards for ensuring secured transmission of electronic communication - introduction of E-Proceeding for communication between the Income Tax Department and Assessee- reg.
  5. S.O.1178 - Dated: 11-2-1982 - CBDT directs that the Income-tax Officer, making the reassessment or recomputation under section 147 of the said Act, shall not issue a notice under section 148 of the said Act
  1. FINANCE ACT, 2012
  2. Section 92E - Report from an accountant to be furnished by persons entering into international transaction - Income-tax Act, 1961
  3. Section 92CA - Reference to Transfer Pricing Officer - Income-tax Act, 1961
  4. Section 92C - Computation of arms length price - Income-tax Act, 1961
  5. Section 9 - Income deemed to accrue or arise in India - Income-tax Act, 1961
  6. Section 270AA - Immunity from imposition of penalty, etc. - Income-tax Act, 1961
  7. Section 253 - Appeals to the Appellate Tribunal - Income-tax Act, 1961
  8. Section 246A - Appealable orders before Commissioner (Appeals) - Income-tax Act, 1961
  9. Section 246 - Appealable orders - Income-tax Act, 1961
  10. Section 245A - Definitions - Income-tax Act, 1961
  11. Section 244A - Interest on refunds - Income-tax Act, 1961
  12. Section 234D - Interest on excess refund - Income-tax Act, 1961
  13. Section 234B - Interest for defaults in payment of advance tax - Income-tax Act, 1961
  14. Section 234A - Interest for defaults in furnishing return of income - Income-tax Act, 1961
  15. Section 215 - Interest payable by assessee - Income-tax Act, 1961
  16. Section 214 - Interest payable by Government - Income-tax Act, 1961
  17. Section 159 - Legal representatives - Income-tax Act, 1961
  18. Section 158BB - Computation of undisclosed income of the block period - Income-tax Act, 1961
  19. Section 155 - Other amendments - Income-tax Act, 1961
  20. Section 153C - Assessment of income of any other person - Income-tax Act, 1961
  21. Section 153A - Assessment in case of search or requisition - Income-tax Act, 1961
  22. Section 153 - Time limit for completion of assessment, reassessment and recomputation. - Income-tax Act, 1961
  23. Section 152 - Other provisions - Income-tax Act, 1961
  24. Section 151A - Faceless assessment of income escaping assessment - Income-tax Act, 1961
  25. Section 151 - Sanction for issue of notice - Income-tax Act, 1961
  26. Section 150 - Provision for cases where assessment is in pursuance of an order on appeal, etc. - Income-tax Act, 1961
  27. Section 14A - Expenditure incurred in relation to income not includible in total income - Income-tax Act, 1961
  28. Section 149 - Time limit for notice - Income-tax Act, 1961
  29. Section 148 - Issue of notice where income has escaped assessment - Income-tax Act, 1961
  30. Section 144B - Faceless assessment - Income-tax Act, 1961
  31. Section 143 - Assessment - Income-tax Act, 1961
  32. Section 142 - Inquiry before assessment - Income-tax Act, 1961
  33. Section 139 - Return of income - Income-tax Act, 1961
  34. Section 133C - Power to call for information by prescribed income-tax authority. - Income-tax Act, 1961
  35. Section 132 - Search and seizure - Income-tax Act, 1961
  36. Section 12A - Conditions for applicability of sections 11 and 12 - Income-tax Act, 1961
  37. Section 119 - Instructions to subordinate authorities - Income-tax Act, 1961
  38. Section 115JAA - Tax credit in respect of tax paid on deemed income relating to certain companies - Income-tax Act, 1961
  39. Rule 6F - Books of account and other documents to be kept and maintained under section 44AA(3) by persons carrying on certain professions - Income-tax Rules, 1962
  40. Rule 11UF - Manner of furnishing undertaking under rule 11UE. - Income-tax Rules, 1962
  41. Para 3 - Scope of the Scheme - e-Assessment of Income Escaping Assessment Scheme, 2022
  42. Para 2 - Definitions - e-Verification Scheme, 2021
  43. Manual - Assessment or Reassessment of Incomes escaping assessment - Section 147
  44. Manual - Conditions for applicability of sections 11 & 12 - Section 12A