Notice for escaped income now requires specified authority approval before reassessment notice can be issued.

A substituted section requires the Assessing Officer to serve a return notice before reassessment, with the return treated as if filed under the primary return provision; issuance is conditional on information suggesting escaped income and prior approval of the specified authority. Triggers for deemed information include risk-management flags, final Comptroller and Auditor General objections, and certain searches, requisitions, surveys or seizures-where such events supply information attributable to the assessee for a specified retrospective period and may require prior approval when third party material is attributed to the assessee.

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