TaxTMI 
TaxTMI 
Wealth escaping assessment
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....wealth in respect of which such person is assessable as on the valuation date men­tioned in the notice, along with such other particulars as may be required by the notice, and may proceed to assess or reassess such net wealth and also any other net wealth chargeable to tax in respect of which such person is assessable, which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section for the assessment year concerned (hereafter in this section referred to as the relevant assessment year), and the provisions of this Act shall, so far as may be, apply as if the return were a return required to be furnished under section 14 : Provided that where an assess....
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....ligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of the foregoing proviso. (1A) No notice under sub-section (1) shall be issued for the relevant assessment year,- ^7[(a) if four years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b) ^8[or clause (c]); (b) if four years, but not more than six years, have elapsed from the end of the relevant assessment year unless the net wealth chargeable to tax which has escaped assessment amounts to or is likely to amount to rupees ten....
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....oubts, it is hereby clarified that the provisions of this section, as amended by the Finance Act, 2012, shall also be applicable for any assessment year beginning on or before the 1st day of April, 2012.]] (1B) (a) In a case where an assessment under sub-section (3) of section 16 or sub-section (1) of this section has been made for the relevant assessment year, no notice shall be issued under sub-section (1) ^13[by an Assessing Officer, who is below the rank of Assistant Commissioner ^14[or Deputy Commissioner], unless the ^15[Joint] Commissioner is satisfied, on the reasons recorded by such Assessing Officer, that it is a fit case for the issue of such notice] :  ....
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....t in any proceedings under any other law]: Provided that the provisions of this sub-section shall not apply in any case where any such assessment or reassessment relates to an assessment year in respect of which an assessment or reassess­ment could not have been made at the time the order which was the subject-matter of the appeal, reference or revision, as the case may be, was made by reason of any provision limiting the time within which any action for assessment or reassessment may be taken.] ------------------------------------- Notes: 1. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Before substitution, sub-section (1), as amended by the....
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....sub-section." 2. Substituted vide the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Before it was read as;- "for reasons to be recorded by him in writing, is of the opinion" 3. Omitted vide the Finance Act, 2003, w.r.e.f. 1-4-1989. Before it was read as:- "not being less than thirty days," 4. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 5. Inserted vide Finance Act, 2012, w.e.f. 01-07-2012. 6. Inserted by Finance Act, 2008, w.e.f.1.4.2008. 7. Clauses (a) and (b) substituted by the Finance Act, 2001, w.e.f. 1-6-2001. Prior to their substitution, clauses (a) and (b) read as under: "(a) in a case where an assessment under sub-section (3) of section 16 or sub-section (1) of this sec....