Assessing Officer Can Revise Overlooked Income if Discovered or Informed, Within Prescribed Limitation Period.

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....So long as income chargeable to tax has escaped assessment and the Assessing Officer has reason to believe so, whether suo motu found by him from records or whether brought to his notice by the audit party or any other agency, the Assessing Officer will be justified in revising the assessment within the period of limitation provided therein.... - HC....