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REASSESSMENT NOTICES-
STEP BY STEP CHECKLIST
CA. Anil Garg
The provisions of Re-assessment, in the
context of Indian Direct Tax Laws, have got
there history since the Indian Income-Tax Act,
1922 in which there were enacted specific
2021 but just within a short span of one year,
provisions under section 34 of that Act for
many of these provisions have got re-amended
assessing or reassessing the income escaped
by the Finance Act, 2022. Many of the provisions
to assessment.
as legislated by the Finance Act, 2021 have been
Subsequently, when the Income-Tax Act, 1961 amended by the Finance Act, 2022 with
repealed the earlier Indian Income-Tax Act, retrospective effect from 1-4-2021, thereby
1922, the various provisions governing the resulting in an interesting situation whereby
conditions for re-opening, notices, time limit, such provisions, in their original form, could not
sanctioning etc. have been brought into the get implemented even for a day.
Statute by way of section 147 to 152 of the Act. To err is human and the highly learned officers of
After original enactment in the year 1961, the the Income-Tax Department are not an
provisions of the Re-assessment have exception to such rule. With the plethora of
underwent a massive overhauling in the year notices issued under s. 148/148A, it has now
1989 and now, for the second time, these become inevitable for a professional to test each
provisions have got revolutionary amended and every notice on the touchstone of
which, on one hand, have mentally puzzled all jurisdiction and legality and therefore, I have
the tax payers, taxman & tax professionals and tried to compile a short-list of practical and legal
on the other hand, have given rise to plethora checkpoints that one needs to keep in mind
of judicial controversies at various forums. while making any response to notice under s.
148/148A, as under:
The various amendments regarding the
provisions for re-assessment have, at once,
been made by the Finance Act, 2021 w.e.f. 1-4-
58 Don't cry because it's over, smile because it happened.
