9911796707
TMI BlogWhen it shall be deemed that Income has escaped Assessment?X X X X Extracts X X X X X X X X Extracts X X X X ..... the relevant assessment year as per the Risk Management Strategy formulated by the CBDT from time to time or any final objection raised by the Comptroller and Auditor General of India (CAG) to the effect that the assessment in the case of the assessee for the relevant assessment year has not been made as per the provisions of the Income-tax Act. In search, survey or requisition cases ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ery or other valuable article or thing, seized or requisitioned in case of any other person on or after the 1st day of April 2021, belongs to the assessee; or (d) The Assessing Officer is satisfied, with the prior approval of PCIT or CIT, that any books of account or documents, seized or requisitioned in case of any other person on or after the 1st day of April 2021, pertains or pertain to, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing not less than 7 days but not exceeding 30 days from the date on which such notice is issued, or such time, as may be extended by him based on an application in this behalf, as to why a notice under new section 148 should not be issued based on information which suggests that income chargeable to tax has escaped assessment in his case for the relevant assessment year and results of an enquir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ition Cases The Finance Act, 2022 has inserted a new section 148B , w.e.f., Assessment Year 2022-23, 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, in respect of an assessment year to which clause (i) or clause (ii) or clause (iii) or clause (iv) of Explanation 2 to section 148 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
