Reassessment time limits extended, and longer lookback applies with special exception for income from foreign assets. Amendment to section 149 adds a new clause permitting reassessment after an extended elapsed period unless income from an asset (including financial interest) located outside India chargeable to tax has escaped assessment; sub-section (3) replaces the shorter limitation with a longer limitation period, and an Explanation makes these amendments applicable to assessment years beginning on or before 1 April 2012.