Issue of notice where income has escaped assessment - Section 148 - From 01.09.2024

Issue of notice where income has escaped assessment requires pre-notice procedural steps and specified information before reassessment notices.

Section 148 requires that no notice for reassessment under section 147 be issued unless the Assessing Officer possesses information suggesting income has escaped assessment, and mandates compliance with the procedural safeguards of section 148A including furnishing a copy of the section 148A(3) order. Notices based on information under the section 135A scheme require prior approval of the specified authority. Returns furnished in response to a section 148 notice must follow prescribed form and verification and are treated like returns under section 139, except late returns after the notice period are not deemed returns under section 139.