Lawgist11Chargeable expenditure escaping assessment
If--
(a) the1 [Assessing Officer] has reason to believe that by reason of omission or failure on the part of the assessee to make a return under section 8 for any assessment year or to disclose wholly and truly all material facts necessary for his assessment for any assessment year, chargeable expenditure for that year has escaped assessment or has been under-assessed, or
(b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee, the 1 [Assessing Officer] has, in consequence of information in his possession, reason to believe that chargeable expenditure assessable in any assessment year has escaped assessment or has been under-assessed,
he may, in cases falling under clause (a), at any time, and in cases falling under clause (b), at any time within four years from the end of that assessment year, serve on the assessee a notice containing all or any of the requirements which may be included in a notice under section 8 and may proceed to assess or reassess the chargeable expenditure, and the provisions of this Act shall, so far as may be, apply, as if the notice was a notice issued under that section.
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1. Subs. by Act 26 of 1988, s. 72, for "Income-tax Officer" (w.e.f. 1-4-1988).
- 1 Short title, extent and commencement
- 2 Definitions
- 3 Application of the Act
- 4 Charge of expenditure-tax
- 5 Meaning of chargeable expenditure
- 6 Tax authorities
- 7 Collection and recovery of expenditure-tax
- 8 Person responsible for collecting tax to furnish prescribed return
- 9 Assessment
- 10 Best judgment assessment
- 11 Chargeable expenditure escaping assessment
- 12 Rectification of mistake
- 13 Time limit for completion of assessment and reassessment
- 14 Interest on delayed payment of expenditure-tax
- 15 Penalty for failure to collect or pay expenditure-tax
- 16 Penalty for failure to furnish prescribed return
- 17 Penalty for concealment of chargeable expenditure
- 18 Penalty for failure to comply with notice
- 19 Penalty not to be imposed in certain cases
- 20 Notice of demand
- 21 Revision of orders by the Commissioner
- 22 Appeals to the Commissioner (Appeals)
- 23 Appeals to Appellate Tribunal
- 24 Application of provisions of Income-tax Act
- 25 Wilful attempt to evade tax, etc
- 26 Failure to furnish prescribed returns
- 27 False statement in verification, etc
- 28 Abetment of false return, etc
- 29 Certain offences to be non-cognizable
- 30 Institution of proceedings and composition of offences
- 31 Power to make rules
- 32 Power to remove difficulties
- 33 Repealed
