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

..... 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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