(1) In an assessment, reassessment or recomputation made under section 147, the tax shall be chargeable at the rate or rates at which it would have been charged had the income not escaped assessment.
(2) Where an assessment is reopened 1 under section 147, the assessee may, if he has not impugned any part of the original assessment order for that year either under sections 246 to 248 or under section 264, claim that the proceedings under section 147 shall be dropped on his showing that he had been assessed on an amount or to a sum not lower than what he would be rightly liable for even if the income alleged to have escaped assessment had been taken into account, or the assessment or computation had been properly made:
Provided that in so doing he shall not be entitled to reopen matters
concluded by an order under section 154, 155, 260, 262, or 263.
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1. Subs. by Act 4 of 1988, s. 58, for "in circumstances falling under clause (b) of section 147" (w.e.f. 1-4-1989).
Section 151 Sanction for issue of notice
Section 153 Time limit for completion of assessments, reassessments and recomputation
Section 153A Assessment in case of search or requisition
Section 153B Time-limit for completion of assessment under section 153A
Section 153C Assessment of income of any other person
Section 153D Prior approval necessary for assessment in cases of search or requisition
Section 154 Rectification of mistake