Approval requirement for reassessment notices waived where a prior specified-authority approved finding deems issuance fit to proceed.

Section 148 is amended to exempt cases from the specified approval requirement where the Assessing Officer, with prior approval of the specified authority, has under section 148A recorded that it is a fit case to issue a notice; Explanation 1 is expanded to list categories of information that suggest income has escaped assessment (risk management information, audit objections, international information exchange, scheme-notified information, and Tribunal/Court-triggered information); Explanation 2 omits a reference to a sub-clause of section 133A and provides a deeming rule that the Assessing Officer has such information where searches, surveys, requisitions or seizures have occurred.

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