Section 44 - Amendment of section 148. - Finance Act, 2022

Amendment of section 148. 44 . In section 148 of the Income-tax Act,- (i) after the proviso, the following proviso shall be inserted, namely:- Provided further that no such approval shall be required where the Assessing Officer, with the prior approval of the specified authority, has passed an order under clause (d) of section 148A to the effect that it is a fit case to issue a notice under this section. ; (ii) in Explanation 1 ,- (a) in clause (i), the word flagged shall be omitted; (b) for clause (ii), the following clauses shall be substituted, namely:- (ii) any audit objection to the effect that the assessment in the case of the assessee for the relevant assessment year has not been made in accordance with the provisions of this Act; or (iii) any information received under an agreement referred to in section 90 or section 90A of the Act; or (iv) any information made available to the Assessing Officer under the scheme notified under section 135A; or (v) any information which requires action in consequence of the order of a Tribunal or a Court. ; (iii) in Explanation 2,- (a) in clause (ii), the words, brackets and figure or sub-section (5) shall be omitted; (b) in the long line, for the words for the three assessment years immediately preceding the assessment year relevant to the previous year in which , the word where shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2021.