Section 152 of ITA, 1961 : Section 152: Other Provisions

Explanation using Example

Imagine Mr. Sharma, a salaried employee, filed his income tax return for the financial year 2018-19 and his income was assessed at a certain amount. Later, the Income Tax Department discovers that Mr. Sharma had a bank account with substantial interest income that he failed to report. This income is considered to have escaped assessment.

The department issues a notice to Mr. Sharma under section 147 to reassess his income including the interest income. According to section 152(1), when recalculat...

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