Income escaping assessment: Assessing Officer may assess or reassess previously unassessed taxable income under defined procedural limits. The provision empowers the Assessing Officer to assess, reassess or recompute escaped taxable income, losses, depreciation or other allowances for a relevant assessment year, permitting assessment of issues that come to notice during proceedings even if certain preliminary procedural requirements have not been complied with; explanatory clauses list instances deemed to be escaped income, including non furnishing of returns, understatement, underassessment, excessive relief or allowances, receipt of prescribed authority information indicating understatement, failure to report specified international transactions, and discovery of foreign assets, with provisos setting temporal limits and exceptions.