Structure Of The Reassessment Provisions Under The Income Tax Laws
Category: Income Tax, Posted on: 24/08/2024 , Posted By: CA Sunil Arora
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Section 147. Income escaping assessment

After complying with the provisions of Section 148 to 153, the A.O. may assess or reassess income which has escaped assessment.

Section 148. Issue of notice where income has escaped assessment

  • Clause (1) of this section is related to the issuance of notice by A.O.

New proviso: where A.O. has received information under Section 135A, notice under this section shall not be issued without prior approval of specified authority.

  • Clause (2) of this section is related to furnishing return of income by assessee in prescribed manner.
  • Clause (3) is related to information based on which reassessment proceedings can be initiated.

Section 148A. Procedure before issuance of notice under Section 148

  • Clause (1) of this section is related to the issuance of a show cause notice to the assessee.
  • Clause (2) of this section is related to the provision w.r.t. reply by the assessee to the aforesaid notice.
  • Clause (3) of this section is related to passing of the order with the prior approval of specified authority for initiating reassessment proceedings.
  • Clause (4) of this section is related to non-applicability of Section 148A, in case, information received by the A.O. u/s 135A.

Section 149. Time limit for notice.

  • Time limits for issuing notice under section 148:

a)  3 years and 3 months from end of relevant A.Y. in normal cases

b) 5 years and 3 months from end of relevant A.Y. where income escaping assessment          amounts to or is likely to amount to Rs. 50 lakhs or more.

  • Time limits for issuing notice under section 148A:

c)  3 years from end of relevant A.Y. in normal cases.

d)  5 years from end of relevant A.Y. where income escaping assessment amounts to or is likely to amount to Rs. 50 lakhs or more.

Section 151. Sanction for issue of notice.

Specified Authority shall be Addl. Commissioner or Joint Commissioner or Addl. Director or Joint Director as the case may be.



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