Issue of notice where income has escaped assessment
97Issue of notice where income has escaped assessment.
148. (1) Before making the assessment, reassessment or recomputation under section 147, the 97a[Assessing] Officer shall serve on the assessee a notice containing all or any of the requirements which may be included in a notice under sub-section (2) of section 139 ; and the provisions of this Act shall, so far as may be. apply accordingly as if the notice were a notice issued under that sub-section.
(2) The 97a[Assessing] Officer shall, before issuing any notice under this section, record his reasons for doing so.
The following new section 148 shall be substituted for the existing section by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989:
Issue of notice where income has escaped assessment.
148. Before making the assessment, reassessment or recomputation under section 147, the Assessing Officer shall serve on the assessee a notice requiring him to furnish within such period, not being less than thirty days, as may be specified in the notice, a return of his income or the income of any other person in respect of which he is assessable under this Act during the previous year corresponding to the relevant assessment year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed; and the provisions of this Act shall, so far as may be, apply accordingly as if such return were a return required to be furnished under section 139.
[AS AMENDED BY THE FINANCE ACT, 1988]