Law Relating to Reassessment

This book is a comprehensive commentary on the Reassessment provision under the Income-tax Act. It features an exhaustive discussion on the fundamental concepts & issues arising under the law of reassessment combined with essential commentary on statutory provisions & the jurisprudence. It also includes cross-references to other chapters wherever implications must be understood entirely to assist the reader. The objectives of this book are as follows:

[Amendments made by the Finance Act 2021, 2022 & 2023] with respect to the provisions relating to reassessment have been incorporated in the 3rd Edition
[Insight into the Old Provisions] through a simple and understandable explanation
[Condition for Deeming Provisions/Procedure] To highlight the conditions under which deeming provision of section 148 can be applied, or procedure contained in section 148A can be followed
[Case Laws under the Old Law] To highlight to what extent propositions upheld by the Courts under the old law can be applied under the new law
[Revision u/s 263 in Reopened Cases] To highlight the circumstances under which revision u/s 263 in reopened cases can be done
[Penal Provisions] To highlight the circumstances under which penal provisions in relation to escaped income can be invoked.
This book will be helpful for departmental officers, litigants, and tax professionals dealing with the reopening of assessments. The provisions are explained in a manner so that not only the experts in Income-tax law will be benefited, but also a beginner can be elevated to the next level.

The Present Publication is the 3rd Edition and has been amended by the Finance Act 2023. This book is authored by D.C. Agrawal & Ajay Kumar Agrawal with the following noteworthy features:

[Key Highlights of the 3rd Edition] are as follows:
New Topics such as ‘Responses to the Notices’, Enhancement in Reassessment’ and ‘Development Post Ashish Agarwal’s Case’
The outcome of controversies relating to reassessment for the AYs 2013-14 & 2014-15 as per the decisions of the Hon’ble Allahabad High Court & Hon’ble Gujarat High Court have been discussed at appropriate places
Decisions rendered by the Courts on reassessment under the old law and reassessment in search and seizure cases based on incriminating material have been incorporated in the relevant chapters
[Easy-to-Understand Commentary in Article Format with a focus on Implications] along with guidance on understanding the implications of the new law on the reopening of completed assessments
[140+ FAQs] for quick answers to select questions relating to assessment/reassessment
[3,000 + Case Laws] from the Hon’ble Supreme Court, High Courts and Tribunals
The contents of the book are as follows:

Introduction
Reopening under Old Law – Basic Principles
Reopening under Old Law – Specific Propositions
Income Escaping Assessment – Section 147
Issue of Notice where Income has Escaped Assessment – Section 148
Conducting Inquiry, providing opportunity before the issue of Notice under Section 148 – Section 148A
Implications of Section 135A in Reopening of Assessment
Concept and Scope of Deemed Information
Time Limit for Notice – Section 149
Books of Account, Other Documents & Evidence
Issue and Service of Notice Generally
Approval of Additional Commissioner – Section 148B
Approval for Issue of Notice – Section 151
Notice Deemed to be Valid under certain Circumstances – Sections 292B & 292BB
Assessment and Reassessment in Search, Requisition and Survey Cases
Revision of Reassessment Orders
Penalties
Misc. Escaped Income and Reopening under New Law
Aggregation of Escaped Income u/s 149(1A)
Validity of Notices issues under Section 148 after 01-04-2021 under old Law
Responses to the Notices under New Law
Developments Subsequent to Ashish Agarwal’s Case
Enhancement in Reassessment
FAQs