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of <h1>Understanding Clause 159: Reopening Tax Assessments for Escaped Income with Assessing Officer's Notice</h1> Clause 159 of the Direct Taxes Code, 2010, outlines the procedure for reopening tax assessments. An Assessing Officer can reopen a case if there is reason to believe that taxable income has escaped assessment. The officer must issue a notice to the taxpayer to submit a return within 30 days. Specific conditions under which income is considered to have escaped assessment include failure to file returns, understatement of income, or incorrect claims. The notice can be issued within seven years of the relevant financial year, with exceptions for certain legal directions. The reassessment includes any new information discovered during the process, and tax is charged at the original rates.
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