(1) The interest received by an assessee on any compensation or on enhanced compensation, shall be deemed to be the income of the tax year in which it is received, irrespective of anything to the contrary contained in section 276.(2) Any claim for escalation of price in a contract or export incentives shall be deemed […]

(1) If, in the case of an assessee, any income chargeable to tax has escaped assessment for any tax year (hereinafter referred to as “the relevant tax year” in this section and sections 280 to 286, the Assessing Officer may, subject to the provisions of sections 280 to 286, for the relevant tax year,––(a) assess

(1) (a) Before making the assessment, reassessment or recomputation under section 279, the Assessing Officer shall, subject to the provisions of section 281, issue a notice to the assessee, along with a copy of the order passed under section 281(3).(b) the notice referred to in clause (a) shall require the assessee to furnish, within such

(1) Where the Assessing Officer has information which suggests that income chargeable to tax has escaped assessment in the case of an assessee for the relevant tax year, he shall, before issuing any notice under section 280 provide an opportunity of being heard to such assessee by serving upon him a show cause notice.(2) The

(1) No notice under section 280 shall be issued for the relevant tax year,—(a) if four years and three months have elapsed from the end of the relevant tax year, unless the case falls under clause (b);(b) if four years and three months, but not more than six years and three months, have elapsed from

(1) Irrespective of anything contained in sections 280 and 282, the notice under section 280 may be issued at any time for the purpose of making an assessment or reassessment or recomputation in consequence of or to give effect to—(a) any finding or direction contained in an order passed by any authority, Tribunal or court

The specified authority for the purposes of sections 280 and 281 shall be the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director.

(1) In an assessment, reassessment or recomputation made under section 279, the tax shall be chargeable at the rate or rates at which it would have been charged had the income not escaped assessment.(2) The Assessing Officer may drop the proceedings initiated under section 279 on a claim made by the assessee to the effect

(1) No order in respect of proceedings mentioned in column B of the Table below shall be made after expiry of the period specified in column D of the said Table and calculated from the date as mentioned in column C thereof. Sl. No. Nature of Proceedings or Orders Date from which Time Limit is

(1) An income-tax authority referred to in section 236, for rectifying any mistake apparent from the record, may amend any—(a) order passed by it under the provisions of this Act;(b) intimation or deemed intimation under section 271(1);(c) intimation under section 399.(2) Irrespective of anything contained in any law in force, the authority concerned may, amend