India - Income Tax Act 2010 - Saarc

S. 148 I.T. ACT, 1961 1.674Explanation 2.—For the purposes of this section, the following shall also be deemedto be cases where income chargeable to tax has escaped assessment, namely :—(a) where no return of income has been furnished by the assesseealthough his total income or the total income of any other person inrespect of which he is assessable under this Act during the previousyear exceeded the maximum amount which is not chargeable toincome-tax ;(b) where a return of income has been furnished by the assessee but noassessment has been made and it is noticed by the Assessing Officerthat the assessee has understated the income or has claimed excessiveloss, deduction, allowance or relief in the return ;(c) where an assessment has been made, but—(i) income chargeable to tax has been underassessed ; or(ii) such income has been assessed at too low a rate ; or(iii) such income has been made the subject of excessive relief underthis Act ; or(iv) excessive loss or depreciation allowance or any other allowanceunder this Act has been computed.]11[Explanation 3.—For the purpose of assessment or reassessment under thissection, the Assessing Officer may assess or reassess the income in respect of anyissue, which has escaped assessment, and such issue comes to his noticesubsequently in the course of the proceedings under this section, notwithstandingthat the reasons for such issue have not been included in the reasonsrecorded under sub-section (2) of section 148.]12[Issue of notice where income has escaped assessment.13148. 14 [(1)] Before making the assessment, reassessment or recomputationunder section 147, the Assessing Officer shall serve 15 on the assessee anotice requiring him to furnish within such period, 16 [* * *] as may be specified inthe notice, a return of his income or the income of any other person in respectof which he is assessable under this Act during the previous year correspondingto the relevant assessment year, in the prescribed form and verified in theprescribed manner and setting forth such other particulars as may be prescribed;and the provisions of this Act shall, so far as may be 17 , apply accordinglyas if such return were a return required to be furnished under section 139 :]11. Inserted by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-1989.12. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989.13. For Notification No. SO 1178, dated 11-2-1982, refer Taxmann’s Direct Taxes Circulars.14. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.15. For the meaning of the term “serve”, see Taxmann’s Direct Taxes Manual, Vol. 3.16. Words “not being less than thirty days,” omitted by the Finance (No. 2) Act, 1996, w.r.e.f.1-4-1989.17. For the meaning of the expression “so far as may be”, see Taxmann’s Direct Taxes Manual,Vol. 3.