Extended assessment period beyond six years allowed where escaped income in asset form meets a specified monetary threshold and evidence exists. Amendment permits issuance of notice and assessment under section 153A for assessment years beyond six but not later than ten years preceding the relevant assessment year where the Assessing Officer possesses books, documents or evidence showing escaped income represented as asset that amounts to or is likely to amount to fifty lakh rupees or more in a relevant year or in aggregate; the escaped income must relate to those years; and the search or requisition must be initiated on or after 1 April 2017. 'Relevant assessment year' and 'asset' are defined, and consequential provisos are amended.
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Extended assessment period beyond six years allowed where escaped income in asset form meets a specified monetary threshold and evidence exists.
Amendment permits issuance of notice and assessment under section 153A for assessment years beyond six but not later than ten years preceding the relevant assessment year where the Assessing Officer possesses books, documents or evidence showing escaped income represented as asset that amounts to or is likely to amount to fifty lakh rupees or more in a relevant year or in aggregate; the escaped income must relate to those years; and the search or requisition must be initiated on or after 1 April 2017. "Relevant assessment year" and "asset" are defined, and consequential provisos are amended.
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