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of <h1>Tax Authorities Gain Broader Powers to Reassess Income Tax Returns Under Amended Section 147 Provisions</h1> The amendment modifies section 147 of the Income-tax Act by replacing the phrase 'for reasons to be recorded by him in writing, is of the opinion' with 'has reason to believe'. This change alters the standard for reassessment of income tax, potentially expanding or clarifying the circumstances under which tax authorities can reopen and review previously assessed tax returns.
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