Income escaping assessment

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....ssue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, irrespective of the fact that the provisions of section 148A have not been complied with.]     *************** NOTES:- 1. Substituted vide Section 54 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "147. If- (a) the Assessing Officer has reason to believe that, by reason of the omission or failure on the part of an assessee to make a return under section 139 for any assessment year to the Assessing Officer or to disclose fully and truly all material facts necessary for his assessment for that year, income charge­able to tax has escaped asse....

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...."Income-tax" 3. Substituted vide Section 23 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 before it was read as, ", for reasons to be recorded by him in writing, is of the opinion" 4. Inserted vide Section 33 of the Finance Act, 2008 w.e.f. 01-04-2008 4A. Substituted vide Section 64 of the Finance Act, 2012 w.e.f. 01-07-2012 before it was read as, "Provided further" 5. Inserted vide Section 58 of the Finance (No.2) Act, 2009 w.e.f. 01-04-1989 6. Inserted vide Section 64 of the Finance Act, 2012 w.e.f. 01-07-2012 7. Inserted vide Section 64 of the Finance Act, 2012 w.e.f. 01-07-2012 7A. Inserted vide Section 64 of the Finance Act, 2012 w.e.f. 01-07-2012 7B. Inserted v....

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....sessment, for that assessment year. 6[Provided further that nothing contained in the first proviso shall apply in a case where any income in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year:] 4[4A[Provided also] that the Assessing Officer may assess or reassess such income, other than the income involving matters which are the subject matters of any appeal, reference or revision, which is chargeable to tax and has escaped assessment] Explanation 1.-Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not ....