Income escaping assessment empowers reassessment of escaped income and related deductions, with later-discovered issues also covered. Income escaping assessment is addressed by empowering the Assessing Officer, subject to the specified statutory safeguards, to assess or reassess income that has escaped assessment for a relevant tax year and to recompute any related loss, depreciation allowance, or other allowance or deduction. The provision also permits reassessment of any escaped issue that comes to notice later during proceedings under this section, even if the requirements of section 281 have not been complied with in relation to that issue. For the purposes of sections 280 and 281, the term Assessing Officer excludes the National Faceless Assessment Centre and any assessment unit referred to in section 273(3).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income escaping assessment empowers reassessment of escaped income and related deductions, with later-discovered issues also covered.
Income escaping assessment is addressed by empowering the Assessing Officer, subject to the specified statutory safeguards, to assess or reassess income that has escaped assessment for a relevant tax year and to recompute any related loss, depreciation allowance, or other allowance or deduction. The provision also permits reassessment of any escaped issue that comes to notice later during proceedings under this section, even if the requirements of section 281 have not been complied with in relation to that issue. For the purposes of sections 280 and 281, the term Assessing Officer excludes the National Faceless Assessment Centre and any assessment unit referred to in section 273(3).
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