Reassessment notice procedure requires pre issue show cause and specified authority approval when information suggests escaped income. The substituted provisions condition issuance of a notice for escaped income on existence of specified categories of information, require the Assessing Officer to serve a notice to show cause with the triggering information and afford the assessee an opportunity to reply, and mandate prior approval of the specified authority before issuing a reassessment notice; the compelled return must be furnished in prescribed form within a period not exceeding three months and late submissions are not deemed regular returns.
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Provisions expressly mentioned in the judgment/order text.
Reassessment notice procedure requires pre issue show cause and specified authority approval when information suggests escaped income.
The substituted provisions condition issuance of a notice for escaped income on existence of specified categories of information, require the Assessing Officer to serve a notice to show cause with the triggering information and afford the assessee an opportunity to reply, and mandate prior approval of the specified authority before issuing a reassessment notice; the compelled return must be furnished in prescribed form within a period not exceeding three months and late submissions are not deemed regular returns.
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