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Writ petition against re-assessment orders passed u/s 147 of the Income-tax Act, 1961

June 7, 2019[2019] 106 taxmann.com 39 (Article)
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Section 147 of the Income-tax Act, 1961 (“Act”) empowers the assessing officer to assess or reassess the escaped income of the taxpayer if he has “reasons to believe” that it has escaped assessment. Re-assessment proceedings are initiated by issuance of notice u/s 148 of the Act by the assessing officer within a period of six[ 4 years in case escaped income is less than INR 100,000 and 16 years in case the proposed assessment relates to asset located outside India. ] years from the end of the r
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