Issue of notice where income has escaped assessment

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....any other person in respect of whom he is assessable under this Act during the previous year corresponding to the relevant assessment year: Provided that no notice under this section shall be issued unless there is information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant assessment year: Provided further that where the Assessing Officer has received information under the scheme notified under section 135A, no notice under this section shall be issued without prior approval of the specified authority. (2) The return of income required under sub-section (1) shall be furnished in such form and verified in such manner and setting forth su....

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....2024.]     *************** 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, "Issue of notice where income has escaped assessment 148. (1) Before making the assessment, reassessment or recomputation under section 147, the Assessing Officer shall serve on the assessee a notice containing all or any of the requirements which may be included in a notice under sub-section (2) of section 139; and the provisions of this Act shall, so far as may be, apply accordingly as if the notice were a notice issued under that sub-section. (2) The Assessing Officer shall, before issuing any notice under this section, record hi....

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....en furnished during the period commencing on the 1st day of October, 1991 and ending on the 30th day of September, 2005 in response to a notice served under this section, and (b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the Finance Act, 2002 (20 of 2002) but before the expiry of the time limit for making the assessment, re-assessment or re-computation as specified in sub-section (2) of section 153, every such notice referred to in this clause shall be deemed to be a valid notice: Provided further that in a case- (a) where....

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....t the assessment in the case of the assessee for the relevant assessment year has not been made in accordance with the provisions of this Act." 11. Omitted vide Section 44 of the Finance Act 2022 w.e.f. 01-04-2022 before it was read as, "or sub-section (5)" 12. Substituted vide Section 44 of the Finance Act 2022 w.e.f. 01-04-2021 before it was read as, "for the three assessment years immediately preceding the assessment year relevant to the previous year in which" 13. Substituted vide Section 72 of the Finance Act 2023 w.e.f. 01-04-2023 before it was read as, "such period, as may be specified in such notice" 14. Inserted vide Section 72 of the Finance Ac....

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....rior approval of the specified authority to issue such notice. ^8[Provided further that no such approval shall be required where the Assessing Officer, with the prior approval of the specified authority, has passed an order under clause (d) of section 148A to the effect that it is a fit case to issue a notice under this section.] ^14[Provided also that any return of income, required to be furnished by an assessee under this section and furnished beyond the period allowed shall not be deemed to be a return under section 139.] Explanation 1.-For the purposes of this section and section 148A, the information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment means,- ....