Income escaping assessment: Assessing Officer may reassess escaped income and recompute allowances under the statutory scheme.

Clause 279 empowers the Assessing Officer to assess or reassess income that has escaped assessment for a relevant tax year and to recompute losses, depreciation allowances, or other allowances or deductions; it also permits inclusion of other income issues that arise during those proceedings even if certain procedural formalities were not complied with.

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