Page 61 - Arthyog_FilBook_05 05 2024 (1)

ISSUES UNDER REASSESSMENT Adv. Ajay R. Singh, !
& 7
Brief Back ground of the New Provision of reassessment as Amended by Finance Act 2021, 2022
and 2023
1. The Finance Act 2021 had made a major shift in reassessment provision. < +
1 ! ! . & % . ! - . ! R 7 .
" " % ! & % ! ! ! ,$ " $
& ! @ . ! & " 1
. ! ( % ? % / & ! % / !
< !! & %! % & " % O+ ! .
: " 2 ,-+ ,-AP ! @ % 1 “to disclose fully and
truly all material factsP 1 1 ! . ! @ % 1
& . #+ . + & " 1 & . 4 4 L
A " . . & ! ) 1 ! ? & . 1 0
?. ! @ % 1 & % 1 Oinformation with the Assessing
Officer which suggests that the income chargeable to tax has escaped assessment”.
Explanation 1 to sec 148 provides meaning to the above phrase.
2. ) ! . ) . A / ') A * & / ! % . !
/ . & % . % 1 % !
/& NWhat was a heavily litigated area, we have tried to rationalise it to the
extent that it is no longer left to the discretion of assessing officer. It would be more of
information-based attempt to reopen the cases. It would be primarily based on data analytics and
risk assessment which the system throws up which would lead to reopening of the assessment,”
3. Subsequently the Finance Act 2022 1 & " ? & " D
&& " # : 1 + % EF
1 & && " . & ? & ' * .
#+ ?
( ! 9/& & " . & & .
#+ . + . ! 1 + % EF 1 %%
! % / & ! ! \
+ . ! . . " ! 1
! % ! % . ! . ! ! ! U
@ D ! . . "
! ! 1 & " . + U
) . ! " % ! . $ $+ . + U

A . ! ! " + % EF ! ?
-,+U
9 . ! 1 : : . .
( ! ' * . 9/& = . ! . . ;
',* . --+
( ! 9/& = & " + % EF
! " . ! 1 %% ! % / &
! . 1 .
! : " .
! @ 1 " % . !
2 : . &
! ! / & . ! ! 9/& = D " . ! +& =$==

! ! 9/& = D " . ! +& =$=

y
y
th
th
og
Ar
Ar th y og 55
Arthyogog
Ar
Illuminating Tax Horizons
Illuminating Tax Horizons
Illuminating Tax Horizons
Illuminating Tax Horizons