Amendment of section 147.

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..... t 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: ; (ii) in the second proviso, for the words Provided further , the words Provided also shall be substituted; (iii) in Explanation 2, (I) after .....

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..... ause 61 of the Bill seeks to amend section 147 of the Income-tax Act relating to income escaping assessment. The existing provisions of the aforesaid section 147 enable the Assessing Officer to assess or re-assess income which has escaped assessment for any assessment year, after recording reasons for doing so. It is further provided that once an assessment is reopened, any other income which .....

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..... the cases where income chargeable to tax has escaped assessment. It is proposed to insert a proviso to the aforesaid section so as to provide 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. It is fur .....

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