Amendment of section 17.

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....e inserted and shall be deemed to have been inserted, namely:--                 "Provided also that nothing contained in the first proviso shall apply in a case where any net wealth in relation to any asset (including financial interest in any entity) located outside India chargeable to tax, has escaped assessment for an....

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....argeable to tax, has escaped assessment for any assessment year .";                 (iii) in the Explanation, after clause (b), the following clause shall be inserted, namely:--       "(c) where a person is found to have any asset (including financial interest in any entity) located outside In....

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....caped assessment for any assessment year, after recording reasons for doing so. It is further provided that once an assessment is reopened, any other wealth which has escaped assessment and which comes to the notice of the Assessing Officer subsequently in the course of the proceedings under this section, can also be included in the assessment. The first proviso to the aforesaid sub-section pro....

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....utside India chargeable to tax, has escaped assessment for any assessment year. These amendments will take effect from 1st July, 2012. It is further proposed to amend sub-section (1A) of the aforesaid section so as to insert a new clause (c) to the aforesaid sub-section so as to provide that if four years, but not more than sixteen years, have elapsed from the end of the relevant assessment ....