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of <h1>Finance Bill 2016 amends Income-tax Act Section 147, expanding scenarios for reassessing income escaping assessment.</h1> Clause 67 of the Finance Bill, 2016, amends section 147 of the Income-tax Act to address income escaping assessment. The amendment introduces clause (ca) to Explanation 2, effective June 1, 2016. It stipulates that if the Assessing Officer, based on information from the prescribed income-tax authority under section 133C(2), finds that an assessee's income exceeds the non-taxable limit, or income is understated, or excessive loss, deduction, allowance, or relief is claimed, it will be deemed as income escaping assessment. This expands the scenarios under which the Assessing Officer can reassess income.
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