Section 280 - Issue of notice where income has escaped assessment.

Escaped assessment notice rules require prior approval, qualifying information, and a prescribed return-filing period before reassessment.

Issuance of notice before assessment, reassessment or recomputation for escaped income is conditioned on the Assessing Officer having information suggesting that income chargeable to tax has escaped assessment for the relevant tax year and, where applicable, obtaining prior approval of the specified authority. The notice must require the assessee to furnish a return within the prescribed period, which must be not less than thirty days and not more than three months from the end of the month in which the notice is issued. The return must be furnished in the prescribed form and manner, and late returns are not treated as returns under the return-filing provision.