TaxTMI 
TaxTMI 
Amendment of section 147.
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....e in relation to any asset (including financial interest in any entity) located outside India, chargeable to tax, has escaped assessment for any assessment year:"; (ii) in the second proviso, for the words "Provided further", the words "Provided also" shall be substituted; (iii) in Explanation 2,-- (I) after clause (b), the following clause shall be inserted, namely:-- "(ba) where the asse....
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....esaid section 147 enable the Assessing Officer to assess or re-assess income which has escaped assessment for any assessment year, after recording reasons for doing so. It is further provided that once an assessment is reopened, any other income which has escaped assessment and which comes to the notice of the Assessing Officer subsequently in the course of the proceeding under this section, can a....
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....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. It is further proposed to insert a new sub-clause (ba) to the aforesaid Explanation, so as to include therein the case where the assessee has failed to furnish a report ....