Section 148 in The Income Tax Act, 1961
148. Issue of notice where income has escaped assessment.
Before making the assessment, reassessment or recomputation under ... information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant
Section 147 in The Income Tax Act, 1961
147. Income escaping assessment.
If any income chargeable to tax, in the case of an assessee ... escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income
escaped assessment". The term "escaped assessment" includes both "non-assessment" as well as "under assessment". Income is said ... respect of income which has escaped tax, the Income Tax Officer's jurisdiction is confined to only such income which has escaped
income chargeable to tax for
the assessment year 1958-59 had escaped assessment. The
respondent replied that the I.T.O. had no competence ... underlying reason for that is that instances
of concealed income or other income escaping assessment in a
large number of cases come to the notice
assess or reassess such income and
also any other income chargeable to tax which has
escaped assessment and which comes to his notice
subsequently ... escaped assessment for any assessment year:
Provided also that the Assessing Officer may assess or
reassess such income, other than the income involving
matters which
conclusion that the income had
escaped assessment, having regard to the fact that for the earlier
assessment years, the assessment had been completed after ... assess or reassess such income and also any other
income chargeable to tax which has escaped assessment and which
comes to his notice subsequently
income -Assessment order
based on statement of law subsequently found to be erroneous
Escaped Whether assessment can be reopened-" Information
Escaped-income", meaning ... assessment
and an assessment order has been passed by the Income-tax
Officer, it cannot be said that any income has escaped
assessment within
assess
or reassess such income and also any other income
chargeable to tax which has escaped assessment and which
comes to his notice subsequently ... original assessment,
the Income Tax Officer discovers that he has committed an
error in consequence of which income has escaped
assessment it is open
necessary for his assessment for that year, income, profits or gains chargeable to income tax have escaped assessment for that year, or have been under ... escaped assessment or full assessment, as the case may be; and
(iii) where the assessment made or to be made is an assessment made
facts necessary for assessment of the company for the assessment years in question, any income chargeable to income-tax had escaped assessment.
44. Two Supreme ... belief in the mind of the Income-tax Officer that the income of the assessee escaped assessment due to failure on his part to disclose
