‘Information in Possession’: Beginning of a New Era of Litigations!!

  • Blog|News|Income Tax|
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 23 May, 2022

income-escaping assessments; reassessment

Mayank Mohanka – [2022] 138 taxmann.com 361 (Article)

The Finance Act 2021, has substituted the old re-assessment regime with a new re-assessment regime, w.e.f. 1.4.2021, by substituting the then existing sections 147-151, containing the legislative provisions for income-escaping assessments, with the corresponding new sections.

It is imperative to mention here that in the pre-amended re-assessment regime, applicable uptill 31.3.2021, the formation of reason to believe by the jurisdictional assessing officer that any income of the assessee, has escaped assessment, was a compulsory condition, in order to render legality to the assumption of jurisdiction by such jurisdictional assessing officer u/s 147/148 of the Income Tax Act.

Click Here To Read The Full Article

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Leave a Reply

Your email address will not be published. Required fields are marked *

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied