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 recompute 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 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
a where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income- tax
b where a return of income has been furnished by the assessee but no assessment has been made and it is noticed by the Assessing Officer that the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return
c where an assessment has been made, but- i income chargeable to tax has been under- assessed or ii such income has been assessed at too low a rate or iii such income has been made the subject of excessive relief under this Act or iv excessive loss or depreciation allowance or any other allowance under this Act has been computed. Issue of notice where income has escaped assessment 2
income chargeable to tax has been under- assessed or
such income has been assessed at too low a rate or
such income has been made the subject of excessive relief under this Act or
excessive loss or depreciation allowance or any other allowance under this Act has been computed. Issue of notice where income has escaped assessment 2
Issue of notice where income has escaped assessment 2