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of <h1>Assessing Officers can reassess escaped fringe benefits under Section 115WG when returns understate values or show under-assessment</h1> Section 115WG of the Income Tax Act, 1961 empowers Assessing Officers to assess or reassess fringe benefits that have escaped taxation for any assessment year, subject to specified procedural sections. The provision deems fringe benefits to have escaped assessment in three scenarios: when no return is filed, when returns are filed but show understated values without proper assessment, or when assessments are made but fringe benefits are under-assessed. The Officer may also assess other escaped fringe benefits discovered during proceedings for the relevant assessment year.
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