Reassess

Reassess, the expression 'reassess' refers to a situa-tion where an assessment has already been made but the Income-tax Officer has, on the basis of information in his possession, reason to believe that there has been under assessment on account of the existence of any of the grounds contemplated by the provisions of s. 147(b) read with the Ex-planation (1) thereto, CIT v. Sun Engineering, AIR 1993 SC 43 (50): (1992) 4 SCC 363. (Income Tax Act, 1961, s. 147)