Reassessment Allowed u/s 147 if AO Overlooked Issue in Original Assessment, Even Within Four Years.

Reassessment Allowed u/s 147 if AO Overlooked Issue in Original Assessment, Even Within Four Years. https://www.taxtmi.com/highlights?id=47840 Reassessment u/s 147 - within 4 years from the end of relevant AY - when no opinion was formed by Ld. AO on any issue during original assessment proceedings and the same was altogether skipped, there would be no bar to reach the requisite satisfaction on the basis of findings in subsequent assessment year - In such a case, deeming fiction of Explanation-2 would come into play and the income shall be deemed to have escaped assessment en-us Thu, 11 Jul 2019 07:38:07 +0530 Thu, 11 Jul 2019 07:38:07 +0530 TaxTMI RSS Generator Reassessment Allowed u/s 147 if AO Overlooked Issue in Original Assessment, Even Within Four Years. https://www.taxtmi.com/highlights?id=47840 Reassessment u/s 147 - within 4 years from the end of relevant AY - when no opinion was formed by Ld. AO on any issue during original assessment proceedings and the same was altogether skipped, there would be no bar to reach the requisite satisfaction on the basis of findings in subsequent assessment year - In such a case, deeming fiction of Explanation-2 would come into play and the income shall be deemed to have escaped assessment Highlights Income Tax Thu, 11 Jul 2019 07:38:07 +0530 https://www.taxtmi.com/highlights?id=47840