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of <h1>Interest Reassessment Allowed Under Section 10 of Interest-tax Act for Undisclosed or Under-assessed Interest Within 4 Years</h1> Section 10 of the Interest-tax Act, 1974, addresses the issue of interest escaping assessment. It allows the Assessing Officer to reassess chargeable interest if there is reason to believe that it has escaped assessment due to the assessee's omission or failure to file a return or disclose necessary facts. Additionally, even without such omission, if the officer has information suggesting under-assessment or excessive relief, they may reassess within four years of the relevant assessment year. The officer can issue a notice similar to that under section 7 to proceed with assessment or reassessment, applying the Act's provisions accordingly.
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