Important aspect related to Assessment - Section 152 - Income Tax - Ready Reckoner - Income Tax

Important aspect related to Assessment - Section 152 Rate of Tax applicable for respective assessment or reassessment years In an assessment, reassessment or re-computation made u/s 147 the tax shall be chargeable at the rates at which it would have been charged had the income not escaped assessment (Respective year tax rate shall apply). [ Section 152(1) ] Dropping of Assessment Proceeding in certain cases Proceedings once initiated u/s 147 may be dropped by AO, If assessee satisfies him that - Where an assessment is reopened under section 147, the assessee may claim that the proceedings under section 147 shall be dropped on his showing that he had been assessed on an amount or to a sum not lower than what he would be rightly liable for even if the income alleged to have escaped assessment had been taken into account, or the assessment or computation had been properly made. An assessee can avail this benefit only if he had not challenged any part of the original assessment order by filling appeal or filling a revision petition. [ Section 152(2) ] Provided that in so doing he shall not be entitled to reopen matters concluded by an order under section 154 , 155 , 260 , 262 , or 263 . Where a search has been initiated under section 132 or requisition is made under section 132A, or a survey is conducted under section 133A [other than under sub-section (2A) of the said section], on or after the 1st day of April, 2021 but before the 1st day of September, 2024, the provisions of sections 147 to 151 shall apply as they stood immediately before the commencement of the Finance (No. 2) Act, 2024. [ Inserted vide Finance (No. 2) Act, 2024 ] [ Section 152(3) ] Where, in a case other than that covered under sub-section (3), a notice under section 148 has been issued or an order under clause (d) of section 148A has been passed, prior to the 1st day of September, 2024, the assessment, reassessment or recomputation in such case shall be governed as per the provisions of sections 147 to 151, as they stood immediately before the commencement of the Finance (No. 2) Act, 2024. [ Inserted vide Finance (No. 2) Act, 2024 ] [ Section 152(4) ]