Taxmann's Law Relating to Reassessment by Taxmann

C hapter-heads % ' ! 0

About the Authors

I-5

Preface to second edition

I-7

Acknowledgement

I-13

Contents

I-17

Chapter 1 1

Introduction

Chapter 2 31

Reopening under old law

Chapter 3 Income Escaping Assessment - Section 147

105

Chapter 4 Issue of Notice where Income has Escaped Assessment - Section 148

142

Chapter 5 Conducting Inquiry, providing Opportunity before the issue of Notice under Section 148 - Section 148A

166

Chapter 6 Implication of section 135A in reopening of assessment

199

Chapter 7 Concept and Scope of Deemed Information

212

Chapter 8 232

Time limit for Notice - Section 142

Chapter 9 Books of account, other documents and Evidence

I-15

268

3 $ ! % ( 2 % 4 0 ! ( #

I-16

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Chapter 10 Issue and Service of Notices Generally

301

Chapter 11 Approval of Additional Commissioner - Section 148B

338

Chapter 12 Sanction for Issue of Notice - Section 151

340

Chapter 13 Notice Deemed to be Valid under certain Circumstances - Sections 292B and 292BB

360

Chapter 14 Assessment and Reassessment in Search Requisition, and Survey cases

375

Chapter 15 Revision of Reassessment Orders

429

Chapter 16 461

Penalties

Chapter 17 Glimpses of faceless reassessment under new law

518

Chapter 18 Miscellaneous Escaped Income and Reopening under new law

556

Chapter 19 Validity of notices issued u/s 148 after 1-4-2021 under old law

604

Chapter 20 617

FAQs

APPENDICES

Guidelines for compulsory selection of returns for complete VFUXWLQ\ GXULQJ ÀQDQFLDO \HDU 3URFHGXUH IRU FRPSXOsory selection in such cases

729

Instruction regarding implementation of judgment of Hon’ble Supreme Court, dated 4-5-2022 (Union of India v. Ashish Agarwal [2022] 138 taxmann.com 64)

733

GLOSSARY

737

C ontents PAGE

About the Authors

I-5

Preface to second edition

I-7

Acknowledgement

I-13

Chapter-heads

I-15

CHAPTER 1 INTRODUCTION 1

Legislative background of reassessment provisions

The new provisions

Memorandum explaining the amended provisions regarding reassessment

The provisions in brief

The changes

Propositions which may govern new law of reassessment also

Conclusion

CHAPTER 2 REOPENING UNDER OLD LAW

Introduction

Relevant provisions u/ss 147 to 151

Constitutional validity

Concept of assess, reassess, assessment, reassessment and recomputation

Guidelines set by Hon’ble Apex Court in GKN Drive shaft

Conditions for Reopening of assessment

Nature of information received for reopening of assessment

I-17

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I-18

PAGE

Reasons for reopening

Limitation for reopening

Certain expressions in section 147

The charge of escapement of income is necessary in a valid reopening

Whether Subsequent material/development can be used to justify reopening

Jurisdiction of the AO to issue notice u/s 148(1)

Issue and service of notice u/s 148(1)

Issuance of notice u/s 148 in different situations

Sanction for issue of notice u/s 148

Certain settled propositions in relation to reassessment proceedings

Objections and their disposal

The procedure for dealing with objections raised by the assessee

Principles governing reopening

Challenge to reopening

Impermissible considerations to reopen assessment completed u/s 143(3)

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Reassessment without issue of notice u/s 143(2)

Addition of another item of escaped income

Law relating to multiple issue of notices

101

Reopening on account of bogus purchases

102

Additional claim for deduction/exemption in reassessment proceedings

102

Conclusion

102

CHAPTER 3 INCOME ESCAPING ASSESSMENT- SECTION 147

Introduction

105

The new provision

105

Difference with old provision of section 147

106

Analysis of section 147 under new law

107

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I-19 PAGE

Whether there will be any requirement of putting the material on record before issuance of notice u/s 148

108

What is the scope of expression “if any income chargeable to tax in the case of the assessee has escaped assessment for any assessment year”?

108

Conditions for invoking jurisdiction u/s 147

110

Whether section 147 can be invoked

120

Assessment of income in respect of new issue (under new law)

123

Assessment on the basis of issues noticed in the course of reassessment proceeding

125

Whether whole assessment is open after issue of notice u/s 148

131

There is no bar in issuing multiple notices u/s 148

132

Some important judicial propositions u/s 147 applicable under new law also

132

Whether concept of change of opinion would be applicable under new law

134

Whether writ could lie in respect of procedure laid down u/s 148A or in assumption of jurisdiction u/s 147 or issue of notice u/s 148

139

Conclusion

140

CHAPTER 4 ISSUE OF NOTICE WHERE INCOME HAS ESCAPED ASSESSMENT - SECTION 148

Introduction

142

The new provision

143

The provision in brief

144

Conditions for issue and service of notice u/s 148

145

Information

147

Meaning and scope of the expression “so far as may be”

159

Notice u/s 148A/148 can be issued by AO having jurisdiction only

160

Issuance of notice u/s 148 in different situations

161

Reassessment during reassessment pending under new law

161

Principles governing reopening and reassessment under the new law

161

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I-20

PAGE

Service of notices under Faceless Reassessment

164

Conclusion

165

CHAPTER 5 CONDUCTING INQUIRY, PROVIDING OPPORTUNITY BEFORE THE ISSUE OF NOTICE UNDER SECTION 148 - SECTION 148A

Introduction

166

The provision

167

The provision in brief

168

Charge of escapement of income in a notice u/s 148A(b) is necessary

169

Whether section 148A covers the concept of reasons recorded and procedure laid down by Hon’ble Apex court in GKN Driveshafts (India) Ltd. v. ITO [2002] 125 Taxman 963 (SC)

170

Application of procedure u/s 148A

171

Table to show where the procedure u/s 148A

172

Kind and scope of inquiries, AO can do u/s 148A(a)

172

Providing an opportunity to the assessee u/s 148A(b)

181

To consider the reply furnished by the assessee

182

Passing of an order u/s 148A(d)

183

Scope and relevance of the expression “material available on record”

184

Application of section 148A in survey cases

185

What should be the contents of the reply to notice u/s 148A(b)

186

Non-applicability of section 148A

187

Approval involved in search/requisition cases

188

Circumstances when notice issued u/s 148A(b) and/or order u/s 148A(d) is held invalid and its consequences

188

Some valid information under Explanation 1

192

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196

Service of notices under Faceless Reassessment

198

Conclusion

198

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I-21 PAGE

CHAPTER 6 IMPLICATION OF SECTION 135A IN REOPENING OF ASSESSMENT

Introduction

199

Section 135A

200

Various provisions covered in the scheme u/s 135A

208

Explanation 1 to section 148 and clause (d) of the proviso to section 148A

209

Consequential effect of section 135A on section 148A

210

Conclusion

211

CHAPTER 7 CONCEPT AND SCOPE OF DEEMED INFORMATION

Introduction

212

Deemed information under Explanation 2 to section 148

212

Contents of information for the purposes of section 148A/148

213

Dumb information

213

Dumb document

214

Whether deemed information as per Explanation 2 can also be dumb information

218

If no documents/assets are found in the search/requisition for any relevant assessment year, for which no escaped income can be attributed, whether the issue of notice u/s 148 or DVVXPLQJ MXULVGLFWLRQ X V ZRXOG EH MXVWLÀHG

220

Assessment in respect of other issues

221

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221

Concept of ‘Deemed’

222

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225

Consequence of deemed information on reopening and completion of assessment

230

Conclusion

231

CHAPTER 8 TIME LIMIT FOR NOTICE - SECTION 149

Introduction

232

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I-22

PAGE

The provision

232

The provision in brief

234

The conditions for invoking clause (a) of section 149(1)

235

The conditions for reopening under clause (b) read with section 149(1A)

236

Concept and scope of “asset”- Explanation to section 149(1)

236

Concept and scope of word “expenditure”

239

Escaped income in the form of entry or entries in the books of account

241

Implication of the First Proviso

242

Implication of the Second Proviso

245

Implication of the Third Proviso

247

Implication of the Fourth Proviso

247

Implication of the Explanation

247

Implication of sub-section (1A)

247

Mechanism of operation of sub-section (1) and sub-section (1A) of section 149

248

Implication of sub-section (2)

249

Nature and scope of section 149(1)

249

The time limit for completing assessment/reassessment made under the new law

252

Meaning of expression “amounts to” or “likely to amount to”

258

Multiple notices u/s 148 and application of section 149

259

Important principles which can be applied to the new provisions of section 149

259

Cases where issuance of notice u/s 148 r.w.s. 149(1)(b) may not be upheld

262

Following kind of escaped income may not be brought to tax after three initial relevant Assessment Years by invoking section 149(1)(b)

264

Cases where issuance of notice u/s 148 r.w.s. 149(1)(b) may be upheld

266

Conclusion

267

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CHAPTER 9 BOOKS OF ACCOUNT, OTHER DOCUMENTS, AND EVIDENCE

Introduction

268

Books of account

268

Loose paper

274

Documents

276

Dumb document

277

Loose papers/documents/books seized/impounded in search/ survey should be relied upon as a whole

282

Evidence

284

Scope of section 292C

295

Conclusion

300

CHAPTER 10 ISSUE AND SERVICE OF NOTICES GENERALLY

Introduction

301

Issue of notice

301

Distinction between issue and service of notice

305

Law relating to service under the Act

305

Section 282 as amended by Finance (No. 2) Act, 2009 w.e.f. 1-10-2009

306

Addresses, as per Rule 127, at which service is to be affected

307

Service through WhatsApp

307

Service through emails

308

Difference in the law under section 282 as it existed prior to 1-10-2009 and thereafter

308

Service by speed post

309

Service as per CPC

309

Service through Electronic media

315

Burden of proof of valid service of notice

317

Presumption as to the service of notice

318

Simultaneous (multiple mode of) service

318

Issue and service of notice u/s 148A

319

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I-24

PAGE

Issue and service of notice u/s 148

320

Issue of notice in different circumstances

322

Under amended law the validity of notice issued u/s 148

323

Issuance of notice in the name of erstwhile entity

324

Initiation of reassessment proceedings against the amalgamating company and Finance Act, 2022

324

Service on various persons

326

Issuance of notice in the name of dead person

330

Prescribed form of notice

332

Time limit for service of notice

333

Service through courier

333

Oral notice

334

Notice not following procedure prescribed u/s 282

334

In brief salient features of issue and service

335

Conclusion

337

CHAPTER 11 APPROVAL OF ADDITIONAL COMMISSIONER - SECTION 148B

Introduction

338

The Provision

338

Ingredients

338

Comments

339

CHAPTER 12 SANCTION FOR ISSUE OF NOTICE - SECTION 151 Introduction

340

The Provision

340

Sanctioning authorities

341

Various stages of approval

341

Whether section 151 provides sanctioning authority or approving authority

341

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I-25 PAGE

Analysis of various approvals u/ss 148 and 148A

342

Sanction/approval is a jurisdictional issue

347

Approval by a different authority

348

Prerequisites of sanction

349

Opportunity of being heard before approval

349

Non-Application of mind and mechanical approval

350

Incurable errors

353

Whether Assessee entitled to copy of approval/sanction order

355

The following kind of approvals/sanction not upheld

355

Contrary view

357

Whether irregularity in granting approval is curable u/s 292B/292BB

357

Service of notices under Faceless Reassessment

358

Conclusion

358

CHAPTER 13 NOTICE DEEMED TO BE VALID UNDER CERTAIN CIRCUMSTANCES - SECTIONS 292B AND 292BB

Introduction

360

Section 292BB

361

Section 292B

363

Service of the notice u/s 148 and section 292BB

365

Issue of notice vs. service of notice

366

Notice u/s 143(2), reassessment proceedings and section 292BB

367

Notice u/s 148A and section 292BB

368

Objection to issue and service of notice

369

At what stage one should raise the plea of non-service of notice

370

At what stage the question of service of notice u/s 148A(b) can be raised

371

Circumstances where section 292BB cannot be applied

371

Other situations concerning the application of section 292BB

373

Conclusion

374

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I-26

PAGE

CHAPTER 14 ASSESSMENT AND REASSESSMENT IN SEARCH, REQUISITION, AND SURVEY CASES

Introduction

375

Assessment in search/requisition cases where search/requisition is initiated on or after 1-4-2021

376

Assessment in cases where survey u/s 133A is initiated on or after 1-4-2021

378

Bar for issuing notice u/s 148 for certain earlier years

378

Possible options in different years

379

Time limit for completing assessment/reassessment under new provisions

386

Ingredients of section 153A

387

Concept of relevant assessment year

388

Concept of “pending” u/s 153A

388

Concept of abatement

389

Various situations of abatement and completion of assessment

391

Relevance of incriminating material

391

The non obstante clause in sections 153A and 153C

396

The meaning of assess and reassess

397

Time limit for completion of assessment u/s 153A (search before 1-4-2018)

397

Assessment u/s 153C

402

Exclusion of time in handing over of the books

427

Extension of time limit

427

Conclusion

427

CHAPTER 15 REVISION OF REASSESSMENT ORDERS

Introduction

429

Ingredients of section 263

429

The power and function of the Commissioner in revision

431

The concept of “erroneous”

432

Concept of prejudicial to the interest of revenue

434

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I-27 PAGE

Revision of the assessment orders involving the issues in respect of cash deposits, receipts, investment and expenditure

436

Explanation 2 to section 263

440

Amendment by Finance Act, 2022

443

Relevant propositions u/s 263

444

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448

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450

Doctrine of merger

451

No revision is permissible on marginal loss to Revenue

452

Revision of order passed u/s 148A(d)

453

Revision of reassessment order for making addition on new issues

453

Revision of reassessment order by invoking Explanation 2 to section 263

455

Limitation

456

Various propositions on application of section 263 taken in reassessment

457

Application of above principles in the context of new reassessment procedure

458

Conclusion

459

CHAPTER 16 PENALTIES

Introduction

461

Nature of default and penalties

461

General principles for penalty proceedings/order

462

Section 271(1)(c)

464

Penalty u/s 270A

465

Immunity u/s 270AA

479

Penalty u/s 271D

481

Penalty u/s 271E

490

Penalty u/s 271AAD

494

Penalty u/s 271AAC

505

Penalty u/s 271DA

506

Penalty u/s 271AAB

508

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I-28

PAGE

Penalty u/s 271AAE

514

Conclusion

516

CHAPTER 17 GLIMPSES OF FACELESS REASSESSMENT UNDER NEW LAW

Introduction

518

Part A: Faceless Assessment Procedure in general

519

Part B : Case study on reopening of assessment under new law as per Faceless Reassessment Scheme

526

Faceless assessment u/s 144B

543

New procedure for faceless assessment u/s 144B

548

Conclusion

555

CHAPTER 18 MISCELLANEOUS ESCAPED INCOME AND REOPENING UNDER NEW LAW

Introduction

556

Interplay of section 149(1A) with 149(1)

557

Forms in which escaped income may be represented

564

Conclusion

602

CHAPTER 19 VALIDITY OF NOTICES ISSUED U/S 148 AFTER 01-04-2021 UNDER OLD LAW

Introduction

604

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605

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606

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608

The decision of the High Courts

609

SLP of the Revenue

612

The procedure to be followed

613

Defence available to the taxpayer

614

Conclusion

616

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I-29 PAGE

CHAPTER 20 FAQs

617

FAQs

APPENDICES

Guidelines for compulsory selection of returns for complete VFUXWLQ\ GXULQJ ÀQDQFLDO \HDU 3URFHGXUH IRU FRPSXOsory selection in such cases

729

Instruction regarding implementation of judgment of Hon’ble Supreme Court, dated 4-5-2022 (Union of India v. Ashish Agarwal [2022] 138 taxmann.com 64)

733

GLOSSARY

737

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VALIDITY OF NOTICES ISSUED U/S 148 AFTER 01-04-2021 UNDER OLD LAW 1. Introduction

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1RWL¿FDWLRQ 1R RI LVVXHG E\ &%'7 ZDV DV XQGHU “SECTION 3 OF THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020, READ WITH SECTIONS 139AA, 144C, 148, 149 AND 151 OF THE INCOME-TAX ACT, 1961 AND SECTION 168 OF THE FINANCE ACT, 2016 - RELAXATION OF CERTAIN PROVISIONS OF SPECIFIED ACT - EXTENSION OF DUE DATE FOR COMPLETION OF ACTION UNDER SPECIFIED ACTS

NOTIFICATION S.O. 1432(E) [NO. 20/2021/F. NO. 370142/35/2020-TPL], DATED 31-3-2021

In exercise of the powers conferred by sub-section 1 of section 3 of the Taxation and Other Laws Relaxation and Amendment of Certain Provisions Act, 2020 38 of 2020 hereinafter referred to as the said Act , and in partial modification of the notification of the Government of India in the Ministry of Finance, Department of Revenue No. 93/2020 dated the 31st December, 2020, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section , number S.O. 4805 E , dated the 31st December, 2020, the Central Government hereby specifies that,—

E D I V I I

where the specified Act is the Income-tax Act, 1961 43 of 1961 hereinafter referred to as the Income-tax Act and, — A

a the completion of any action referred to in clause of sub-section 1 of section 3 of the Act relates to passing of an order under sub-section 13 of section 144C or issuance of notice under section 148 as per time-limit specified in section 149 or sanction under section 151 of the Income-tax Act, —

i the 31st day of March, 2021 shall be the end date of the period during which the time-limit, specified in, or prescribed or notified under, the Income-tax Act falls for the completion of such action; and

ii the 30th day of April, 2021 shall be the end date to which the time-limit for the completion of such action shall stand extended.

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606

N O I T A N A L P X %

For the removal of doubts, it is hereby clarified that for the purposes of issuance of notice under section 148 as per time-limit specified in section 149 or sanction under section 151 of the Income-tax Act, under this sub-clause, the provisions of section 148, section 149 and section 151 of the Income-tax Act, as the case may be, as they stood as on the 31st day of March 2021, before the commencement of the Finance Act, 2021, shall apply.

b the compliance of any action referred to in clause of sub-section 1 of section 3 of the said Act relates to intimation of Aadhaar number to the prescribed authority under sub-section 2 of section 139AA of the Income-tax Act, the time-limit for compliance of such action shall stand extended to the 30th day of June, 2021.

where the specified Act is the Chapter VIII of the Finance Act, 2016 28 of 2016 hereinafter referred to as the Finance Act and the completion of any action referred to in clause of sub-section 1 of section 3 of the said Act relates to sending an intimation under sub-section 1 of section 168 of the Finance Act, —

i the 31st day of March, 2021 shall be the end date of the period during which the time-limit, specified in, or prescribed or notified under, the Finance Act falls for the completion of such action; and

ii the 30th day of April, 2021 shall be the end date to which the time-limit for the completion of such action shall stand extended.”

1RWL¿FDWLRQ 1R RI LVVXHG E\ &%'7 ZDV DV XQGHU “SECTION 3 OF THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 - RELAXATION OF CERTAIN PROVISIONS OF SPECIFIED ACT - EXTENSION OF DUE DATE FOR COMPLETION OF ACTION UNDER SPECIFIED ACTS

NOTIFICATION S.O. 1703 (E) [NO. 38/2021/F. NO. 370142/35/2020-TPL], DATED 27-4-2021

In exercise of the powers conferred by sub-section 1 of section 3 of the Taxation and Other Laws Relaxation and Amendment of Certain Provisions Act, 2020 38 of 2020 hereinafter referred to as the said Act , and in partial modification of the notifications of the Government of India in the Ministry of Finance, Department of Revenue No. 93/2020 dated the 31st December, 2020, No. 10/2021 dated the 27th February, 2021 and No. 20/2021 dated the

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607

E D I V

E D I V I I

31st March, 2021, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section , number S.O. 4805 E , dated the 31st December, 2020, number S.O. 966 E dated the 27th February, 2021 and number S.O. 1432 E dated the 31st March, 2021, respectively hereinafter referred to as the said notifications , the Central Government hereby specifies for the purpose of sub-section 1 of section 3 of the said Act that, —

where the specified Act is the Income-tax Act, 1961 43 of 1961 hereinafter referred to as the Income-tax Act and, — A

a the completion of any action, referred to in clause of sub-section 1 of section 3 of the said Act, relates to passing of any order for assessment or reassessment under the Income-tax Act, and the time limit for completion of such action under section 153 or section 153B thereof, expires on the 30th day of April, 2021 due to its extension by the said notifications, such time-limit shall further stand extended to the 30th day of June, 2021; A

b the completion of any action, referred to in clause of sub-section 1 of section 3 of the said Act, relates to passing of an order under sub-section 13 of section 144C of the Income-tax Act or issuance of notice under section 148 as per time-limit specified in section 149 or sanction under section 151 of the Income-tax Act, and the time limit for completion of such action expires on the 30th day of April, 2021 due to its extension by the said notifications, such time limit shall further stand extended to the 30th day of June, 2021.

N O I T A N A L P X %

where the specified Act is the Chapter VIII of the Finance Act, 2016 28 of 2016 hereinafter referred to as the Finance Act and the completion of any action, referred to in clause of sub-section 1 of section 3 of the said Act, relates to sending an intimation under sub-section 1 of section 168 of the Finance Act, and the time-limit for completion of such action expires on the 30th day of April, 2021 due to its extension by the said notifications, such time-limit shall further stand extended to the 30th day of June, 2021.”

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609

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S F L Y NNOD E O N I OT l SI I I A E T AS C L A CNOE P A P P lP L S Y I RS L T P XUT O P N NEPI A M ENEIO L H L L S HAT A N T DREAH O M D I GEO T I SA O NCF T I UT O L S U ET D A I S SO H G HT S Y L R I E T R T E T EN E NP HC E L IO I T T !A H I NT SSEN WE A A A I CD C SN 4Hl R $WI NAO R O N I B A I " L NS & U I # C OV S E FIOH T E A C O RT H EP S 4 YS FA E O A R L HTN WE L O A DTNT I TDYN EC N B A M U I A D E N DE C S I O ECRN I R O D I T T U EJ I O A V O MS N G T E RF MI L PO E N O D D EO SC CE I IE D T S N H I E D ACRE H C E O E I T U S T C F H SN A E X FD S WI O IBE GlGE H NI N I I T TW T O F C AN O NDYU L C EE NO YNE F BGG L L NUAA N OPRFI M I E DR T T IHL A T FO UU L S O OO I G EY # EC NWX L E N A FA E O P UYM! A SSBS R S NE E I E EH H EK WK T ATY OI T S PL NNAB SO D OWL T I I I T T E AH DC A L L EAS NS S I YG I I A C NE DD R L A A E E X DBL ENI l E A S SHSID T T A E O I N H T P EU YM E R C R U ANC R T RO TTE A N F L C VO S !OO I C G E EE 'N S C L I N ER ENO HC T CAT IT N NI AFO /& CODV

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State of Karnataka

611

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i The impugned section 148 notices issued to the respective assessees which were issued under unamended section 148 of the IT Act, which were the subject matter of writ petitions before the various respective High Courts shall be deemed to have been issued under section 148A of the IT Act as substituted by the Finance Act, 2021 and construed or treated to be show cause notices in terms of section 148A . The assessing officer shall, within thirty days from today provide to the respective assessees information and material relied upon by the Revenue, so that the assessees can reply to the show cause notices within two weeks thereafter;

N = V N N A A H M T ; S X A A J T A 2 V = A A T T T T N M U U C O A C ; C L H L A A T N S ##N A J AA V M2 I X H M A S L M T E A O O $ C R C D MA NN O N =C N A M A N M XM N X AA ; O T A C T M M N XO N AC A T = MD =V N N XA B AA A = T M H;; A X L L A ! T ; = V / N 4 V ) A =H M ; T V O S C A J N A ; N 2 A V M XN M AA O T H V C T S N A J N =A A 2 M X A ; T M O C

= = H R M A G O ; ; S I C T T N A N H HH AR V MA # V XG S AI T T T H A R H M A HO G = S #C I N T T N A H ; A H MM # O X CA T N V N A M M= O X CH A R T N A NG AS ; I T MT = XA AH T H # V ; = HH R R A AG GS MS O IV IT ; T CT T A AH N NHH AH# M # V X A T MM OO C CH = N R N NN A A AG M S MI ; T XXT AA A T TH H # V

D E T A D O . N O I T A C I F I T O . D N A D E T A D O . N O I T A C I F I T O .

Sanjay Agrawal Ashok Kumar Agrawal UOI Shri Labtund Infrastructure (P.) Ltd. PCIT Prashant Sharma UOI Palak Khatuja UOI Guruteg Bahadur Rice Mill A Partnership Firm ACIT

M O C N N A M X A T = ;

Ashish Agarwal

UOI

Anant Rice Industries PCIT

Vellore Institute Sudesh Taneja ITO

Manoj Jain UOI erties and Investment (P.) Ltd. UOI Powders Manufacturing Company (P.) Ltd. Dharmendra Gupta (HUF) of Technology CBDT

ACIT

Ashok Kumar Agarwal ITO Bagaria PropKandoi Metal

Bpip Infra (P.) Ltd.

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Mon Mohan Kohli UOI

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ii The requirement of conducting any enquiry, if required, with the prior approval of specified authority under section 148A is hereby dispensed with as a onetime measure àthose notices which

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have been issued under section 148 of the unamended Act from 01.04.2021 till date, including those which have been quashed by the High Courts.

Even otherwise as observed hereinabove holding any enquiry with the prior approval of specified authority is not mandatory but it is for the concerned Assessing Officers to hold any enquiry, if required; D

iii The assessing officers shall thereafter pass orders in terms of section 148A in respect of each of the concerned assessees; Thereafter following the procedure as required under section 148A may issue notice under section 148 as substituted ;

iv All defences which may be available to the assesses including those available under section 149 of the IT Act and all rights and contentions which may be available to the concerned assessees and Revenue under the Finance Act, 2021 and in law shall continue to be available. v The present order shall substitute/modify respective judgments and orders passed by the respective High Courts quashing the similar notices issued under unamended section 148 of the IT Act irrespective of whether they have been assailed before this Court or not.

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R E T F A E R E H T S K E E! W NS I H U T I E WE SS E S I E L S P S EA R E S H NT OF I O T C Y EL J P B E OR ES L A l DD L E U T A OE HR ST EE EB S S D E L S U S O A H ES HT 4)

TS N EU ME! C GI T DO UN J S SF I O H U T E FEC U O ST I SI S O Y ARN DOE FH NT OO F NP I H UT S T I D N WE E I T EE L N ER O S S LC E A S S I A R S E A D T EA E T HM A T E ODR T T ENE DAB I V DD O L RE DU PR O LOH L CS A HEY SRE SH /N !O4 S EA HE 4R

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Law Relating to Reassessment AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

D.C. AGRAWAL, AJAY KUMAR AGRAWAL TAXMANN MAY 2022 2th Edition 9789356220614 780 PAPERBACK

Rs. : 1695 | USD : 56

Description This book is a comprehensive commentary on the Reassessment provision under the Income-tax Act. It features an exhaustive discussion on the fundamental concepts & issues arising under the law of reassessment combined with essential commentary on statutory provisions & the jurisprudence. It also includes cross-references to other chapters wherever implications must be understood entirely to assist the reader. The objectives of this book are as follows: ·

[Amendments made by the Finance Act 2021 & Finance Act 2022] with respect to the provisions relating to reassessment

[Insight into the Old Provisions] through a simple and understandable explanation

[Condition for Deeming Provisions/Procedure] To highlight the conditions under which deeming provision of section 148 can be applied, or procedure contained in section 148A can be followed

[Case Laws under the Old Law] To highlight to what extent propositions upheld by the Courts under the old law can be applied under the new law

[Revision u/s 263 in Reopened Cases] To highlight the circumstances under which revision u/s 263 in reopened cases can be done

[Penal Provisions] To highlight the circumstances under which penal provisions in relation to escaped income can be invoked.

This book will be helpful for departmental oﬃcers, litigants, and tax professionals dealing with the reopening of assessment. The provisions are explained in a manner so that not only the experts in Income-tax law will be beneﬁted, but also a beginner can be elevated to the next level.

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