Understanding of Law and Procedure of Reassessment

Chapters

1. Introduction……………………………………………………………………………………. 1
2. Income Escaping Assessment [Section 147]…………………………………… 20
3. 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]……………………………….. 41
4. Issue of Notice under section 148 Where Income has Escaped
Assessment [Section 148 : As applicable upto 31.08.2024]……………… 51
5. Issue and Service of Notice under section 148……………………………….. 85
6. Notices under section 148 barred by Limitation ……………………………. 99
7. Notice in the Name of Deceased Assessee in Reassessment
Proceedings…………………………………………………………………………………. 100
8. Reassessment – Notice Against Non-existent Entity – Validity…….. 119
9. Notice Deemed to be Valid in Certain Circumstances
[Section 292BB]……………………………………………………………………………. 124
10. Issuance of Notice Under Section 143(2) in Reassessment
Proceedings…………………………………………………………………………………. 132
11. Procedure before issuance of notice under section 148
[Section 148A : Applicable with effect from 01.09.2024] ………………. 138
12. Procedure before issuance of notice under section 148
[Section 148A : Applicable upto 31.08.2024] ………………………………… 142
13. Prior approval for assessment, reassessment, or recomputation
in certain Cases [Section 148B]…………………………………………………….. 201
14. Time Limit for Notices under Sections 148 and 148A
[Section 149 : Applicable from 01.09.2024]…………………………………… 203
15. Time Limit for Issue of Notice Under Section 148
[Section 149 : Applicable from 31.08.2024] ………………………………….. 205
16. Provision for Cases where Assessment is in Pursuance of
an Order on Appeal, etc. [Section 150]…………………………………………. 243
17. Sanction for Issue of Noticeunder Section 148 [Section 151]……….. 265
18. Faceless Assessment of Income Escaping Assessment
[Section 151A]……………………………………………………………………………… 287
19. Other Provisions [Section 152]…………………………………………………….. 306
20. Time Limit for Completion of Assessment, Reassessment
and Re-computation [Section 153]………………………………………………. 312
21. Effect of Re-opening the Assessment Based on Wrong Facts or
Conclusions…………………………………………………………………………………. 325
22. Reopening of Assessment and Maintainability of Writ Petition…… 331
23. Reopening beyond 4 years’ failure to disclose fully and
truly material facts necessary for assessment …………………………….. 342
24. Concept of Reason to believe ………………………………………………………. 356
25. Doctrine of Change of Opinion……………………………………………………. 378
26. Offences and Prosecutions…………………………………………………………… 398
27. Specimen of Reasons recorded for Reopening of Assessment……… 427
28. Important Board’s Circulars and Instructions……………………………… 429
29. Cases where Initiating Reassessment Proceedings Justified………… 447
30. Cases where initiating reassessment proceedings not justified……. 453
31. Cases where Reassessment Proceedings Justified on the Basis
of Informations Received from other Agencies……………………………. 473
32. Cases where Reassessment Proceedings not Justified on
the Basis of Informations Received from other Agencies …………….. 476
33. Important case law on Reassessment…………………………………………… 482