Income escaping assessment: information from prescribed tax authority can trigger reassessment when income is understated or excessive claims made. Amendment adds a new clause to Explanation 2 of section 147 treating cases as income-escaping-assessment where the Assessing Officer, on the basis of information or documents received from the prescribed income-tax authority, notices that the assessee's income exceeds the maximum non-taxable threshold or that the assessee has understated income or claimed excessive loss, deduction, allowance or relief in the return.
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Provisions expressly mentioned in the judgment/order text.
Income escaping assessment: information from prescribed tax authority can trigger reassessment when income is understated or excessive claims made.
Amendment adds a new clause to Explanation 2 of section 147 treating cases as income-escaping-assessment where the Assessing Officer, on the basis of information or documents received from the prescribed income-tax authority, notices that the assessee's income exceeds the maximum non-taxable threshold or that the assessee has understated income or claimed excessive loss, deduction, allowance or relief in the return.
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