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<h1>Tax authorities may reassess escaped income and recompute losses, allowances, or depreciation during reassessment proceedings</h1> Where income chargeable to tax has escaped assessment for a relevant tax year, the Assessing Officer may, subject to specified procedural provisions, assess or reassess that income or recompute losses, depreciation or other allowances for that year. In performing such assessment, the Officer may also address any issue that emerges during proceedings as having escaped assessment, even if procedural compliance with the referenced provision has not occurred. The power applies to reassessment, recomputation and related adjustments within the statutory framework.