Amendment of section 148

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.... authority, has passed an order under clause (d) of section 148A to the effect that it is a fit case to issue a notice under this section."; (ii) in Explanation 1,-- (a) in clause (i), the word "flagged" shall be omitted; (b) for clause (ii), the following clauses shall be substituted, namely:-- "(ii) any audit objection to the effect that the assessment in the case o....

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....e deemed to have been substituted with effect from the 1st day of April, 2021. - Clause 44 seeks to amend section 148 of the Income-tax Act relating to issue of notice where income has escaped assessment. The said section provides for issuance of notice to a person before making the assessment, reassessment or recomputation under section 147 of the Income-tax Act, requiring such person fur....

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....cer which suggests that the income chargeable to tax has escaped assessment means,- (i) any information in the case of the assessee for the relevant assessment year in accordance with the risk management strategy formulated by the Board from time to time; or (ii) any audit objection to the effect that the assessment in the case of the assessee for the relevant assessment year has....