Income Tax Act, 2025
Section 2: Subs. by Act 25 of 2014, s. 52, for “accounting standards” (w.e.f. 12015).
2. Subs. by Act 25 of 2014, s. 52, for “accounting standards” (w.e.f. 12015).
3. Subs. by s. 52, ibid., for “or accounting standards as notified under sub-section (2), have not been regularly followed by
the assessee” (w.e.f. 12015).
4. Subs. by Act 13 of 2018, s. 47, for section 145A (w.r.e.f. 12017). Earlier it was substituted by Act 33 of 2009,
s. 57, (w.e.f. 12010).
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Explanation 1.—For the purposes of this section, any tax, duty, cess or fee (by whatever name called)
under any law for the time being in force, shall include all such payment notwithstanding any right arising
as a consequence to such payment.
Explanation 2.—For the purposes of this section,—
(a) “public financial institution” shall have the meaning assigned to it in clause (72) of section 2
of the Companies Act, 2013 (18 of 2013);
(b) “recognised stock exchange” shall have the meaning assigned to it in clause (ii) of
Explanation 1 to clause (5) of section 43;
(c) “scheduled bank” shall have the meaning assigned to it in clause (ii) of the Explanation to
clause (viia) of sub-section (1) of section 36.
145B. Taxability of certain income.—(1) Notwithstanding anything to the contrary contained in
section 145, the interest received by an assessee on any compensation or on enhanced compensation, as
the case may be, shall be deemed to be the income of the previous year in which it is received.
(2) Any claim for escalation of price in a contract or export incentives shall be deemed to be the
income of the previous year in which reasonable certainty of its realisation is achieved.
(3) The income referred to in sub-clause (xviii) of clause (24) of section 2 shall be deemed to be the
income of the previous year in which it is received, if not charged to income-tax in any earlier previous
year.]
146. [Reopening of assessment at the instance of the assessee.] Omitted by the Direct Tax Laws
(Amendment) Act, 1988 (4 of 1988), s.53 (w.e.f. 11989).
1[147. Income escaping assessment.—If the 2[Assessing Officer] 3[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 the 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 response to a notice issued undersub-section (1) of section 142 or section 148 or to
disclose fully and truly all material facts necessary for his assessment, for that assessment year:
“public financial institution” shall have the meaning assigned to it in clause
of section 2
of the Companies Act, 2013 (18 of 2013);
“recognised stock exchange” shall have the meaning assigned to it in clause
of
Explanation 1 to clause
of section 43;
“scheduled bank” shall have the meaning assigned to it in clause
of the Explanation to
clause
of sub-section
of section 36.
145B. Taxability of certain income.—
Notwithstanding anything to the contrary contained in
section 145, the interest received by an assessee on any compensation or on enhanced compensation, as
the case may be, shall be deemed to be the income of the previous year in which it is received.
Any claim for escalation of price in a contract or export incentives shall be deemed to be the
income of the previous year in which reasonable certainty of its realisation is achieved.
The income referred to in sub-clause
of clause
of section 2 shall be deemed to be the
income of the previous year in which it is received, if not charged to income-tax in any earlier previous
year.]
146. [Reopening of assessment at the instance of the assessee.] Omitted by the Direct Tax Laws
Act, 1988 (4 of 1988), s.53 (w.e.f. 11989).
1[147. Income escaping assessment.—If the 2[Assessing Officer] 3[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
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 the 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 response to a notice issued undersub-section
of section 142 or section 148 or to
disclose fully and truly all material facts necessary for his assessment, for that assessment year: