Income escaping assessment: time limit exceptions extended to offshore assets and unreported international transactions, permitting reassessment. Amendments to Section 147 treat income from assets or financial interests located outside India, and failures to furnish required international transaction reports, as cases of income escaping assessment, thereby permitting reassessment notwithstanding the first proviso's time-limit; the changes are procedural and declared applicable to earlier assessment years.
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Provisions expressly mentioned in the judgment/order text.
Income escaping assessment: time limit exceptions extended to offshore assets and unreported international transactions, permitting reassessment.
Amendments to Section 147 treat income from assets or financial interests located outside India, and failures to furnish required international transaction reports, as cases of income escaping assessment, thereby permitting reassessment notwithstanding the first proviso's time-limit; the changes are procedural and declared applicable to earlier assessment years.
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