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

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.

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