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Assessing Officer powers expanded to assess or reassess escaped net wealth; senior officers may rely on recorded reasons. Amendment authorises the Assessing Officer to assess or reassess net wealth that has escaped assessment, except where that net wealth is subject to any appeal, reference or revision. It further provides that a Joint Commissioner, Commissioner or Chief Commissioner, being satisfied by reasons recorded by the Assessing Officer regarding the fitness for issuance of a notice, need not issue the notice themselves, with that Explanation treated as effective from 1 October 1998.
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<h1>Assessing Officer powers expanded to assess or reassess escaped net wealth; senior officers may rely on recorded reasons.</h1> Amendment authorises the Assessing Officer to assess or reassess net wealth that has escaped assessment, except where that net wealth is subject to any appeal, reference or revision. It further provides that a Joint Commissioner, Commissioner or Chief Commissioner, being satisfied by reasons recorded by the Assessing Officer regarding the fitness for issuance of a notice, need not issue the notice themselves, with that Explanation treated as effective from 1 October 1998.
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