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of <h1>Income-Tax Act Section 147 Amended: Explanation 3 Allows Retroactive Reassessment of Unrecorded Income Since April 1, 1989.</h1> In the Finance (No. 2) Act, 2009, section 147 of the Income-tax Act was amended to include Explanation 3. This provision allows the Assessing Officer to assess or reassess any income that has escaped assessment if it comes to their attention during proceedings, even if the reasons for assessing such income were not initially recorded under section 148(2). This amendment is retroactively effective from April 1, 1989.
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