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1.The provisions of section 147 of the Income-tax Act (the Act) dealing with “income escaping assessment” have always posed a challenge to the assessees and their representatives on one hand and the Revenue on the other hand. It is also interesting to note that though number of articles have been written by various authors encompassing reassessment issues by digesting various decisions and by expressing their opinions still controversy looms large.1.The provisions of section 147 of the Income-tax Act (the Act) dealing with “income escaping assessment” have always posed a challenge to the assessees and their representatives on one hand and the Revenue on the other hand. It is also interesting to note that though number of articles have been written by various authors encompassing reassessment issues by digesting various decisions and by expressing their opinions still controversy looms large.taxmann.com Latest ArticlesRead More