Ramesh Patodia Complete Guide to REASSESSMENT u/s 148 of the Income Tax Act, 1961

This exhaustive and practical guide provides a comprehensive analysis of the law, procedure, and recent judicial interpretations relating to reassessment under Sections 147 to 151 of the Income Tax Act, 1961. It explains in detail the concept, scope, and conditions precedent for reopening of assessment, issuance of notice under Section 148, and the procedural safeguards introduced by the Finance Act, 2021 and subsequent amendments.

The book elaborates on:

• Concept of “income escaping assessment” and conditions for valid reassessment.

• Procedure for issuance of notice u/s 148 & 148A, including requirements of “information” suggesting escapement of income.

• Approval and sanction requirements from higher authorities.

• Time limits and jurisdictional aspects governing reassessment proceedings.

• Rights and remedies of the assessee, including response to show-cause notice and filing of objections.

• Impact of judicial precedents from the Supreme Court and High Courts interpreting reassessment provisions, including landmark rulings post-2021 reforms.

• Practical aspects such as drafting responses, filing replies, and managing reassessment litigation.

Incorporating the latest circulars, notifications, and CBDT instructions, this guide is an indispensable resource for chartered accountants, tax consultants, advocates, and assessing officers seeking clarity on the reassessment framework in the new regime.