Understanding of Law & Procedure of Reassessment / Income Escaping Assessment
By Ram Dutt Sharma
(As Amended by the Finance Act, 2025)
This authoritative and practical book by Ram Dutt Sharma, a seasoned tax expert and former Income Tax Officer, presents a thorough analysis of the law, procedures, and judicial interpretations related to reassessment and income escaping assessment under the Income-tax Act, 1961.
Rewritten and updated in light of the Finance Act, 2025, the book offers deep insights into the revamped reassessment regime, including Sections 147 to 151, and the newly inserted Section 148A, providing a balanced blend of legal theory and practical application.
Detailed Commentary on Reassessment Provisions
Covers the scope and conditions under which the Assessing Officer can reopen completed assessments — including the concept of “reason to believe,” change of opinion, and deemed escapement of income.
Section 148A Procedure Explained
Step-by-step analysis of the mandatory pre-notice process: conducting inquiries, granting opportunity of being heard, and passing reasoned orders.
Time Limits & Sanction Requirements
Clear exposition of reassessment timelines (3 years / 10 years), monetary thresholds, and approval hierarchy under Section 151.
Judicial Analysis
Incorporates landmark rulings including Union of India v. Ashish Agarwal, Kelvinator of India Ltd., and recent High Court decisions interpreting the post-2021 regime.
Coverage of CBDT Circulars & Instructions
Includes latest departmental guidelines on reassessment procedures, forms, and documentation standards.
Finance Act, 2025 Amendments
Reflects all recent changes impacting reassessment timelines, safeguards, and procedural requirements.
Practical Tools
Real-world examples, flowcharts, FAQs, and illustrative formats help tax professionals and officers apply reassessment law effectively.
This book is an indispensable guide for tax consultants, chartered accountants, departmental officers, legal practitioners, and students appearing for professional tax exams. With its lucid language, structured layout, and practical orientation, it simplifies one of the most complex areas of income tax law.
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Overview of Assessment vs. Reassessment
Concept of Income Escaping Assessment
Legislative Background and Evolution of Section 147
Scope and Applicability
“Reason to Believe” – Judicial Interpretation
Change of Opinion – What is Barred
Cases Deemed to be Escaping Assessment
Conditions Precedent to Issuance of Notice
Notice Format, Contents, and Validity
Notice under Invalid Jurisdiction – Legal Consequences
Preliminary Inquiry by AO
Providing Opportunity of Being Heard
Passing Order under Section 148A(d)
Exceptions to 148A Procedure
Practical Format of Notices and Orders
3-Year and 10-Year Rule – Explained
Cases Involving Escapement Exceeding ?50 Lakhs
Time Limit Charts and Judicial Clarification
Extension Scenarios and Cut-off Dates
Authorities Competent for Sanction
Distinction Between ‘Approval’ and ‘Sanction’
Legal Validity of Sanction Orders
Landmark Supreme Court Cases
Kelvinator of India Ltd.
Ashish Agarwal Case
Sabrang Publication, etc.
Key High Court Decisions – Post-2021 Amendments
Emerging Trends and Legal Doctrines
Interaction with Section 153A and 153C
Application of Section 147 Post-Search
CBDT Clarifications on Dual Jurisdiction
Filing Return in Response to Notice
Scope of Additions During Reassessment
Reassessment vs. Fresh Assessment
Protective Assessments in Reopened Cases
Procedural Changes Introduced
Impact on Time Limits and Income Thresholds
New Grounds for Reopening – Presumptive Indicators
Instruction No. 1 of 2022 and Subsequent Updates
Formats, Templates, and Do’s & Don’ts
Practical Checklists for Compliance
Step-by-Step Procedure for Reassessment
Common Mistakes by AOs & Taxpayers
Frequently Asked Questions
Appendix I: Bare Text of Sections 147 to 151
Appendix II: Comparative Table (Old vs. New Regime)
Appendix III: Sample Notices & Orders
Appendix IV: Relevant Case Law Summaries
Appendix V: Important Circulars & Notifications
| Ram Dutt Sharma Understanding of Law & Procedure of Reassessment Income Escaping Assessment |
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