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ASSESSMENT OR REASSESSMENT OF INCOMES ESCAPING ASSESSMENT UNDER SECTION 147

Income Tax - Return of Income and Assessment Procedure - 23 - Where the assessing officer has reason to believe that any income chargeable to tax for any assessment year has escaped assessment ,then he may subject to the provision of section 148 to section 153 ,assess or reassess such income also any other income which has escaped assessment and which comes to his notice subsequently during the the course of proceeding under this section .[i] The provisions of section 147 are given below:- If th .....

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come or profits or gains chargeable to income-tax had escaped assessment. Condition two The Assessing Officer must also have reason to believe that such escapement had occurred by reason of either omission or failure on the part of the assessee to disclose fully or truly all material facts necessary for his assessment of that year or failure on the part of the assessee to make a return of income under section 139 or in response to notice issued under section 142(1) or 148 When Both these Conditi .....

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aped assessment for any assessment year (applicable from July 1, 2012 and also for any assessment year beginning on or before April 1, 2012. When only condition one should be satisfied to take action under section 147:- In the following cases only Condition one should be satisfied- If the Assessing Officer wants to take action within 4 years (from the end of the assessment year) and the original assessment was completed under section 143(1), 143(3), 144 or 147; or If the Assessing Officer wants .....

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Versus Rajesh Jhaveri Stock Brokers P. Limited [2007 (5) TMI 197- SUPREME COURT]. THE FOLLOWING SITUATIONS SHALL ALSO BE DEEMED TO BE THE CASES WHERE INCOME HAS ESCAPED ASSESSMENT:- Where no return of income has been furnished by the assessee and no assessment has been made although: His total income; or The total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax; Where a retur .....

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sessee, or The income has been assessed at a lower rate. (For example, short term capital gains which are taxable @ 30% have been taxed @ 15% under section 111A. For example, assessee has not shown the agricultural income as a result of which tax has been levied at a lower rate on taxable income.). Where a person is found to have any asset (including financial interest in any entity) located outside India. (Added by Finance Act, 2012). Where the assessee has failed to furnish a report of transfe .....

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n the assessee a notice requiring him to furnish the return of income within the time specified in the notice. The Assessing Officer shall before issuing a notice under this section, record his reasons for doing so. The Assessing Officer cannot invoke the provision of section 147 on the basis of rumours, gossips and suspicion. Rumours, gossips and suspicion does NOT amount to Reasons to believe . Similarly change in opinion does not amount to reasons to believe. Reasons to believe includes matte .....

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