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of <h1>Income Deemed Escaped if Flagged by CBDT or CAG; Follow Section 148A Procedures; Approval Needed per Section 148B.</h1> Income is deemed to have escaped assessment if flagged under the 'Risk Management Strategy' by the CBDT or if objections are raised by the Comptroller and Auditor General. In cases involving search, survey, or requisition after April 1, 2021, it is presumed that income has escaped assessment for the previous three years. The Assessing Officer must follow procedures under Section 148A, including inquiry and granting a hearing opportunity, before issuing a notice. Approval from higher authorities is required for assessments involving search, survey, and requisition cases, as outlined in the Finance Act, 2022, under Section 148B.
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