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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 which has escaped assessment recomputed the loss or the depreciation allowance or any other allowance, Once an assessment has been reopened, any other income which has escaped assessment and which comes to t .....

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e that income 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 u/s 139 or in response to notice issued u/s 142(1) or 148 When Both these Condition Should b .....

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ny assessment year. 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. NOTES:- The words 'if the AO has reasons to believe' in this section are stronger than the words 'if the AO is satisfied'. [Ganga Saran & Sons Pvt. Ltd. v ITO (1981) 130 ITR 1 (SC)] However the belief must be that of an honest and reasonable p .....

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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 return of income has been furnished by the assessee but no assessment (scrutiny/best judgment assessment) has been made and it is noticed by the Assessing Officer that the assessee: Has understated the income; or Has claimed excessive loss, deduction, allowance or relie .....

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