Commercial’s Understanding of Law & Procedure of Reassessment

Description

Contents:
Introduction
Income Escaping Assessment [Section 147]
Issue of Notice Under section 148 where Income has Escaped Assessment [Section 148 : As substituted by the Finance (No. 2) Act, 2024, with effect from 01.09.2024]
Issue of Notice under section 148 Where Income has Escaped Assessment [Section 148 : As applicable upto 31.08.2024]
Issue and Service of Notice under section 148
Notices under section 148 barred by Limitation
Notice in the Name of Deceased Assessee in Reassessment Proceedings
Reassessment – Notice Against Non-existent Entity – Validity
Notice Deemed to be Valid in Certain Circumstances [Section 292BB]
Issuance of Notice Under Section 143(2) in Reassessment Proceedings
Procedure before issuance of notice under section 148 [Section 148A : Applicable with effect from 01.09.2024]
Procedure before issuance of notice under section 148 [Section 148A : Applicable upto 31.08.2024]
Prior approval for assessment, reassessment, or recomputation in certain Cases [Section 148B]
Time Limit for Notices under Sections 148 and 148A [Section 149 : Applicable from 01.09.2024]
Time Limit for Issue of Notice Under Section 148 [Section 149 : Applicable from 31.08.2024]
Provision for Cases where Assessment is in Pursuance of an Order on Appeal, etc. [Section 150]
Sanction for Issue of Notice under Section 148 [Section 151]
Faceless Assessment of Income Escaping Assessment [Section 151A]
Other Provisions [Section 152]
Time Limit for Completion of Assessment, Reassessment and Re-computation [Section 153]
Effect of Re-opening the Assessment Based on Wrong Facts or Conclusions
Reopening of Assessment and Maintainability of Writ Petition
Reopening beyond 4 years’ failure to disclose fully and truly material facts necessary for assessment
Concept of Reason to believe
Doctrine of Change of Opinion
Offences and Prosecutions
Specimen of Reasons recorded for Reopening of Assessment
Important Board’s Circulars and Instructions
Cases where Initiating Reassessment Proceedings Justified
Cases where initiating reassessment proceedings not justified
Cases where Reassessment Proceedings Justified on the Basis of Informations Received from other Agencies
Cases where Reassessment Proceedings not Justified on the Basis of Informations Received from other Agencies
Important case law on Reassessment