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30. Amendment of section 147. |
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—In section 147 of the Income-tax Act, after the proviso, the following proviso shall be inserted, namely:—
‘‘Provided further that the Assessing Officer may assess or reassess such income, other than the income involving matters which are the subject matter of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.".
Clause 30 seeks to amend section 147 of the Income-tax Act, which relates to income escaping assessment.
It is proposed to insert a proviso to provide that the Assessing Officer may assess or reassess such income, other than the income involving matters which are the subject-matter of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.
This amendment will take effect from 1st April, 2008.
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