Rationalization of provisions relating to assessment and reassessment

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..... or 144 or 147 of the Act after the Finance Act, 2021. 2. As part of the government's policy related to simplification of procedures under the Act, it is proposed to-- (i) insert a new proviso to the effect that requirement for approval to issue notice under section 148 shall not be required to be taken by the Assessing Officer if he has passed an order under 148A(d) with prior approval in that case stating that the income is escaping assessment. (ii) to omit the requirement of approval of specified authority in clause (b) of section 148A. These amendments will take effect from 1st April, 2022. 3. To correct the inadvertent drafting errors and align the provisions with the intent of the section, following amendments are proposed, ( .....

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..... ssment or reassessment or recomputation under subsection (3) of 143 or section 144 or section 147, as the case may be, (ii) amend clause (i) of sub-section (1) and sub-section (4) of section 132B to provide that these provisions shall also apply to assessment or reassessment or recomputation. These amendments will take effect from 1st April, 2022. (iii) insert a new section 148B to provide that no order of assessment or reassessment or recomputation under the Act shall be passed by an Assessing Officer below the rank of Joint Commissioner, except with the prior approval of the Additional Commissioner or Additional Director or Joint Commissioner or Joint Director, in respect of assessments consequent to search, survey and requisition to r .....

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..... e may be, are handed over to the Assessing Officer having jurisdiction over the assessee, in whose case such search is initiated under section 132 or such requisition is made under section 132A. These amendments will take effect retrospectively from lst April, 2021. (vi) amend the definition of "specified date" in clause (a) Explanation to section 271AAB to make it also applicable to a notice issued under section 148 in case where search is initiated on or after 1st April, 2021. This amendment will take effect from 1st April, 2022. 5. In order to bring clarification in the existing provisions and to align them with the intent of the Act, it is proposed to-- (i) clarify what constitutes information under Explanation 1 to section 148 so .....

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