Procedure before issuance of notice under section 148 - Section 148A - From 01.09.2024 - Income Tax - Ready Reckoner - Income Tax

Procedure before issuance of notice under section 148 [ Section 148A ] Where the Assessing Officer has information which suggests that income chargeable to tax has escaped assessment in the case of an assessee for the relevant assessment year, he shall, before issuing any notice under section 148 provide an opportunity of being heard to such assessee by serving upon him a notice to show cause as to why a notice under section 148 should not be issued in his case and such notice to show cause shall be accompanied by the information which suggests that income chargeable to tax has escaped assessment in his case for the relevant assessment year. The assessee may furnish his reply within such period, as may be specified in the notice. On the basis of material available on record and taking into account the reply of the assessee furnished, the Assessing Officer shall pass an order with the prior approval of the specified authority determining whether or not it is a fit case to issue notice under section 148. Exception of this section [ Section 148A(4) ] The provisions of this section shall not apply to income chargeable to tax escaping assessment for any assessment year in the case of an assessee where the Assessing Officer has received information under the scheme notified under section 135A. For the purposes of section 148A 1. Specified authority means the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director, as the case may be. [ Section 151 ] 2. The information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment means , (i) any information in the case of the assessee for the relevant assessment year in accordance with the risk management strategy formulated by the Board from time to time; or (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; or (vi) any information in the case of the assessee emanating from survey conducted under section 133A, other than u/s 133A(2A), on or after the 1st day of September, 2024. [ Section 148(3) ]