Income escaping assessment - Section 147
6[147. Income escaping assessment
If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance or any other allowance or deduction for such assessment year (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year).
Explanation.--For the purposes of assessment or reassessment or recomputation 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 subsequently in the course of the proceedings under this section, irrespective of the fact that the provisions of section 148A have not been complied with.]
1. Inserted by the Finance Act, 2008, with effect from 1st April, 2008.
2. Inserted by the Finance (No. 2) Act, 2009, (W.r.e.f 01.04.1989).
3. Inserted by the Finance Act, 2012, w.e.f. 01.07.2012.
4. Substituted by the Finance Act, 2012, w.e.f. 01.07.2012 for the following:-
"Provided further"
5. Inserted by the Finance Act, 2016, w.e.f. 1st day of June, 2016.
6. Substituted by Finance Act, 2021, w.e.f. 01.04.2021, for the following:-
"If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section, or recomputed the loss or the depreciation allowance or any other allowance, as the case may be, for the assessment year concerned (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year) :
Provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year.
3[Provided further that nothing contained in the first proviso shall apply in a case where any income in relation t........