Substitution of new section for section 147
Section 40 of the Finance Act, 2021 deals with substitution of new section for section 147. Substitution of new section for section 147.
Substitution of new section for section 147.
40. For section 147 of the Income-tax Act, the following section shall be substituted, namely:—
"147. Income escaping assessment.—If any income chargeable to tax, in the case of an assessee, has escaped assessment for any assessment year, the Assessing Officer may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance or any other allowance or deduction for such assessment year (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year).
Explanation.—For the purposes of assessment or reassessment or recomputation under this section, the Assessing Officer may assess or reassess the income in respect of any issue, which has escaped assessment, and such issue comes to his notice subsequently in the course of the proceedings under this section, irrespective of the fact that the provisions of section 148A have not been complied with.".
Section 40, The Finance Act, 2021.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 1
Questions about Section 40
What does Section 40 of the Finance Act deal with?
Section 40 of the Finance Act is headed "Substitution of new section for section 147". Substitution of new section for section 147.
How do I find court cases under Section 40 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2021 40, section 40 Finance Act 2021, section 40 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 40 of the Finance Act, and has it changed?
Its own text turns on section 147 (Commencement of this Part), section 148 (Amendment of section 2), section 153 (Commencement of this Part), Income-tax Act 147 (Income escaping assessment), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2021. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- Fourth Schedule. Fourth Schedule26628 words
- First Schedule. First Schedule9574 words
- 2. Income-tax5993 words
- 6. Amendment of section 103582 words
- 130. Substitution of new section for section 43513 words
- 131. Substitution of new section for section 52699 words
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