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Reopening of assessment

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..... the following cases, namely:- (a) where the tax base for the relevant financial year exceeds the maximum amount not liable to tax but,- (i) the return of the tax base has not been furnished; (ii) no notice has been issued under section 151 or section 152; and (iii) the time limitation for issuing such notice has expired; (b) where a return of tax bases has been furnished by the assessee, but - (i) no communication has been received under section 156; (ii) the time limitation for issuance of such communication has expired; and (ii) the assessee has understated the tax bases, or has claimed excessive loss, deduction, allowance or relief, in the return; (c) where a scrutiny assessment has been made under section 162 or section 163, but,- (i) t .....

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..... e) where any material which has been seized, or obtained in pursuance to a requisition, has a bearing on the determination of the tax bases of a person other than the person referred to in clause (d). (5) The person in receipt of notice issued under sub-section (2) shall furnish the return within thirty days from the date of receipt of the notice and the return shall be furnished and verified, in the prescribed form and manner and setting forth such other particulars as may be prescribed. (6) The notice under sub-section (2) shall be issued,- (a) for the seven financial years immediately preeceeding the financial year in which the search and seizure operation has been carried out or the material has been obtained; and (b) within seven years .....

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..... of such other person, has been- (a) seized in the course of search and seizure under section 139 in the case of the person referred to in clause (d) of sub-section (4); or (b) obtained in pursuance to the requisition under section 140 in the case of the person referred to in clause (d) of sub-section (4). (11) On receipt of a return in pursuance to a notice under sub-section (2), or after the expiry of time prescribed for furnishing the return in pursuance to such notice, the Assessing Officer shall, by an order in writing, make the reassessment of the total income and the provisions of sections 157 to 164 shall apply accordingly. (12) For the purposes of this section,- (a) date of initiation of search, or the date of obtaining the material .....

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