Income escaping assessment: Assessing Officer may reassess missed income and recompute allowances even if pre notice formalities were not complied with.

The substituted provision empowers the Assessing Officer to assess or reassess income that has escaped assessment and to recompute losses, depreciation and other allowances for the relevant assessment year, and the Explanation permits assessment of any issue coming to notice during those proceedings irrespective of non compliance with pre assessment notice formalities.

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