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TMI BlogRationalisation of provisions relating to assessment and reassessment under the Act (SIMPLIFICATION AND RATIONALISATION)X X X X Extracts X X X X X X X X Extracts X X X X ..... ns of the said section also provide details of what constitutes information for the purposes of issuance of notice. The said section further provides the instances in which the Assessing Officer (AO) would be deemed to have information in order to initiate the assessment or reassessment proceedings. 3. The existing provisions of section 148A of the Act provide the procedure to be followed by AO before issuance of notice under section 148 of the Act, including conducting inquiry, providing an opportunity of being heard to the assessee, and passing an order prior to reopening of a case. The said section also provides the circumstances in which such procedure does not apply. 4. Further, the existing provisions of section 149 of the Act provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not exceeding a period of three months from the end of the month in which such notice is issued, a return of his income or the income of any other person in respect of whom he is assessable under this Act. Further, it is proposed to provide that no notice under this section shall be issued unless there is information with the Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant assessment year. Any information in the case of the assessee emanating from survey conducted under section 133A , other than under sub-section (2A) of the said section, on or after the 1st day of September, 2024, is proposed to be added to the definition of information with the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions of this section shall not apply in the case of an assessee where the Assessing Officer has received information under the scheme notified under section 135A pertaining to income chargeable to tax escaping assessment for any assessment year in his case. (iii) The time limitation for issuance of notice under section 148A and section 148 of the Act is proposed to be provided in section 149 of the Act as follows: in normal cases, no notice under sections 148A shall be issued if three years have elapsed from the end of the relevant assessment year. Notice beyond the period of three years from the end of the relevant assessment year can be taken only in a few specific cases; in normal cases, no notice under section 148 shall be issued if th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A or a survey is conducted under section 133A [other than under sub-section (2A)] on or after the 1st day of April, 2021 but before the 1st day of September, 2024, the provisions of section 147 to 151 shall apply as they stood immediately before the commencement of the Finance (No. 2) Act, 2024. (vi) It is also proposed to amend the section 152 of the Act so as to provide that where 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 prior to their amendment by Finance (No. 2) Act, 2024. 7. This amendment will ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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