Assessment notice limits: expanded reopening conditions and senior-officer approval required before reopening past limitation periods for escaped net wealth. Section 17 now authorises the Assessing Officer, on reasons recorded, to require a prescribed verified return and to assess or reassess net wealth that has escaped assessment, treating such return as if required under section 14; production of books does not necessarily amount to disclosure. Graduated limitation rules bar notices after four years except where escaped net wealth meets specified materiality thresholds within extended periods up to ten years. Senior-officer approval is required to issue notices after four years: Chief Commissioner/Commissioner where an assessment exists, and Deputy Commissioner in other cases. Sub-section (2) is amended to include court-issued notices in other-law proceedings.
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Provisions expressly mentioned in the judgment/order text.
Assessment notice limits: expanded reopening conditions and senior-officer approval required before reopening past limitation periods for escaped net wealth.
Section 17 now authorises the Assessing Officer, on reasons recorded, to require a prescribed verified return and to assess or reassess net wealth that has escaped assessment, treating such return as if required under section 14; production of books does not necessarily amount to disclosure. Graduated limitation rules bar notices after four years except where escaped net wealth meets specified materiality thresholds within extended periods up to ten years. Senior-officer approval is required to issue notices after four years: Chief Commissioner/Commissioner where an assessment exists, and Deputy Commissioner in other cases. Sub-section (2) is amended to include court-issued notices in other-law proceedings.
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