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of <h1>Income Tax Officer can reassess escaped income under Section 147 including losses and deductions previously missed</h1> Section 147 of the Income Tax Act, 1961 empowers the Assessing Officer to assess or reassess income that has escaped assessment for any assessment year, subject to provisions in sections 148 to 153. The officer may also recompute losses, depreciation allowances, or other deductions for the relevant assessment year. The provision includes an explanation allowing assessment of any issue that escaped assessment and comes to notice during proceedings, regardless of whether section 148A provisions were complied with. This section provides the foundational authority for reopening completed assessments when taxable income has not been properly assessed.
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