If the Assessing officer has reasons to believe that any income chargeable to tax has escaped assessment for any assessment year, he may subject to the provisions of Sec 148 to 153, assess or reassess such income and also any other income chargeable to tax which comes to his notice subsequently in the course of …
Has escaped assessment within the meaning of section 147?
Explanation 1-For the purposes of this section, the following shall also be deemed to be cases where income chargeable to tax has escaped assessment, namely:- (a) where income chargeable to tax has been under- assessed; or (b) where such income has been assessed at too low a rate; or (c) where such income has been made …
What are the powers of income tax officers?
Powers of assessing officer Under Section 131
- Discovery and inspection.
- Enforcing the attendance of any person, including any officer of a banking company and examining him on oath.
- Compiling the production of books of accounts and other documents.
- Issuing commissions.
What is Section 147 of Income Tax Act?
Section 147 of the Income Tax Act, 1961 provides for the reopening of assessment proceedings. This section gives discretion to the Assessing Officer (AO) to reopen the assessment proceedings when he/she has reason to believe that some of the income has escaped assessment.
When can notice u/s 148 be issued?
Further that the notice U/s 148 of the Act which were to be issued on or before 30th April, 2021, can now be issued on or before 30th June, 2021. It was further reiterated that the reassessment mechanism as per the old system, i.e., which was prevalent before 31st March, 2021, shall be applicable.
Can return filed u/s 148 be revised?
Return filed in response to notice u/s 148 can also be revised: Return filed in response to notice u/s 148 can also be revised, as it is provided u/s 148 that for such return all the provisions of section 139 shall apply. It is to be noted that notice u/s 148 is issued for the assessment of the escaped income.
