Law Relating to Reassessment (A Comprehensive Commentary on Law Relating to Reassessment under Income-tax Act)

Also Covering Analysis of Supreme Court's ruling in Union of India V.Ashish Agrawal [2022]
138 taxmann. com 64  & Departmental Instructions dated 11th May 2022
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Description
The tax avoidance within the four corners of law is considered legitimate as taxpayers have every right to minimize their tax liability by resorting to tax planning. However, the boundary between tax planning and tax avoidance leading to tax evasion is very hazy and the taxpayers, knowingly or unknowingly enter into the domain of tax evasion by resorting to untenable adjustments, or by altogether omitting to disclose the true state of affairs to the tax authorities. By adopting accounting juggleries, round tripping of unaccounted money, unacceptable legal interpretations, finding loopholes in the legislative drafting, camouflaging transactions, accommodation entries, not recording transactions, etc. the taxpayers do not declare their correct income in their return, resulting in under assessment and thus, avoid payment of lawful tax to the Government. Such under assessment of the income is discovered subsequently when information relating thereto comes on the record of the tax authorities. In order to levy correct and lawful tax for the assessment year, the tax authority resorted to reassessment of income of such assessment year.
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Table of Contents
Chapter 1 : Introduction
Chapter 2 : Reopening under Old Law
Chapter 3 : Income Escaping Assessment – Section 147
Chapter 4 : Issue of Notice where Income has Escaped Assessment – Section 148
Chapter 5 : Conducting Inquiry, providing opportunity before the issue of Notice under Section
                      148 – Section 148A
Chapter 6 : Implications of Section 135A in Reopening of Assessment
Chapter 7 : Concept and Scope of Deemed Information
Chapter 8 : Time Limit for Notice – Section 147
Chapter 9 : Books of Account, Other Documents & Evidence
Chapter 10 : Issue and Service of Notice Generally
Chapter 11 : Approval of Additional Commissioner – Section 148B
Chapter 12 : The Sanction for Issue of Notice – Section 151
Chapter 13 : Notice Deemed to be Valid under certain Circumstances – Sections 292B & 292BB
Chapter 14 : Assessment and Reassessment in Search, Requisition and Survey Cases
Chapter 15 : Revision of Reassessment Orders
Chapter 16 : Penalties
Chapter 17 : Glimpses of Faceless Assessment under the New Law
Chapter 18 : Miscellaneous Escaped Income and Reopening under New Law
Chapter 19 : Validity of Notices issues under Section 148 after 01-04-2021 under old Law
Chapter 20 : FAQs
Appendices
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Author Details
D.C. Agrawal, Advocate, has vast experience in the field of taxation. He served in Income Tax Department as an IRS officer for about 30 years. After that, in 2005, he was elevated to Income Tax Appellate Tribunal, where he served as Accountant Member till his superannuation in July 2011. Apart from being IRS, he holds a master's degree in science. He is Law Graduate and is also a qualified Cost and Works Accountant. As an Accountant Member of the Income Tax Appellate Tribunal, he has authored several landmark judgments published in leading Tax journals. He has also written two books, 'Basic concepts of International Taxation' and 'Taxation of Cash Deposits & Deposits after Demonetisation', published by Taxmann. He has also authored more than 200 Articles on various topics in Direct Taxes, particularly carrying analysis of judgements rendered by the Hon'ble High Courts and Income Tax Appellate Tribunal. These articles are published in leading journals such as Corporate Professional Today. Currently, he is practising as an Advocate and Consultant.
Ajay Kumar Agrawal, FCA, is a science graduate and fellow chartered accountant in practice for over 26 years. Ajay has been in continuous practice, mainly in corporate consultancy, litigation in Direct and Indirect laws, Regulatory Law, and commercial law, besides the Auditing of Corporates and Banks. He has wide experience in various consulting matters of corporates and multinationals in the field of mergers & acquisitions, corporate restructuring across sectors, domestic and international taxation, FEMA and FDI laws.