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of <h1>Assessing Officer's reassessment powers for escaped income limited by Section 281, heightening procedural dispute and litigation risk</h1> Where income chargeable to tax has escaped assessment for a relevant tax year, the Assessing Officer may assess or reassess that income and recompute losses, depreciation or other allowances, subject to sections 280-286; during such proceedings the AO may also assess income relating to other issues that come to notice, even if non-compliance with certain procedural sections occurred. The Act narrows the non-compliance exception compared with the earlier Bill by limiting it (in form) to section 281, potentially constraining AO discretion relative to the Bill's broader reference to sections 280, 281 and 284 and increasing litigation risk over procedural bars to reassessment.
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