Substitution of new section for section 147.

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.... 147 of the Income-tax Act, the following section shall be substituted, namely:- Income escaping assessment. "147. If any income chargeable to tax, in the case of an assessee, has escaped assessme....

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....ssessment or re-computation under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subseq....