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of <h1>Income Escaped Assessment: Key Steps and Conditions Under Section 148 of the Income Tax Act Until August 2024.</h1> Section 148 of the Income Tax Act outlines the procedure for issuing notices when income has escaped assessment, effective until August 31, 2024. Before reassessment, the Assessing Officer (AO) must serve a notice requiring the assessee to file a return within a specified period, typically three months. The AO must record reasons for issuing such a notice and can only do so if certain conditions are met, including having relevant information and obtaining prior approval from higher authorities. Information can stem from risk management strategies, audit objections, or data received under international agreements. Compliance with Section 148A procedures is mandatory, and specific scenarios, such as searches or surveys, automatically suggest escaped income.
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