https://www.taxtmi.com/acts?id=3303 The provision empowers the Assessing Officer to assess, reassess or recompute escaped taxable income, losses, depreciation or other allowances for a relevant assessment year, permitting assessment of issues that come to notice during proceedings even if certain preliminary procedural requirements have not been complied with; explanatory clauses list instances deemed to be escaped income, including non furnishing of returns, understatement, underassessment, excessive relief or allowances, receipt of prescribed authority information indicating understatement, failure to report specified international transactions, and discovery of foreign assets, with provisos setting temporal limits and exceptions. en-us Sat, 19 Jan 2008 22:45:54 +0530 Tue, 01 Jul 2025 14:12:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=3303 The provision empowers the Assessing Officer to assess, reassess or recompute escaped taxable income, losses, depreciation or other allowances for a relevant assessment year, permitting assessment of issues that come to notice during proceedings even if certain preliminary procedural requirements have not been complied with; explanatory clauses list instances deemed to be escaped income, including non furnishing of returns, understatement, underassessment, excessive relief or allowances, receipt of prescribed authority information indicating understatement, failure to report specified international transactions, and discovery of foreign assets, with provisos setting temporal limits and exceptions. Act-Rules Income Tax Sat, 19 Jan 2008 22:45:54 +0530 https://www.taxtmi.com/acts?id=3303