What are the circumstances under which assessment under section 147 i.e. income escaping assessment can be carried out?

• In the following cases, it will be deemed that income chargeable to tax has escaped assessment:

Where no return of income has been furnished by the taxpayer, although his total income or the total income of any other person in respect of which he is assessable during the year exceeded the maximum amount which is not chargeable to income-tax.

Where a return of income has been furnished by the taxpayer but no assessment has been made and it is noticed by the Assessing Officer that the taxpayer has understated the income or has claimed excessive loss, deduction, allowance or relief in the return.

Where the taxpayer has failed to furnish a report in respect of any international transaction which he was required to file undersection 92E​.

Where an assessment has been made, but:

(i) income chargeable to tax has been under assessed; or

(ii) income has been assessed at low rate; or

(iii) income has been made the subject of excessive relief; or

(iv) excessive loss or depreciation allowance or any other allowance has been computed;

Where a person is found to have any asset (including financial interest in any entity) located outside India.​

Where a return of income has not been furnished by the assessee and on the basis of information or document received from the prescribed income-tax authority, under section 133C(2), it is noticed by the Assessing Officer that the income of the assessee exceeds the maximum amount not chargeable to tax.​

Where a return of income has been furnished by the assessee and on the basis of information or document received from the prescribed income-tax authority, under section 133C(2)​, it is noticed by the Assessing Officer that the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return.