Show cause notice and integrated penalty procedure reshape assessment and reassessment orders under the Income-tax framework. Section 471 is amended to require a show cause notice as the mode of hearing, and to integrate any penalty under section 439 into assessment or reassessment orders made on or after 1 April 2027. References in the Act to an assessment order or penalty order under section 439 are to be read as references to the combined assessment or reassessment order where the penalty forms part of that order. Approval of the Joint Commissioner for such assessment or reassessment is also deemed to cover the penalty component, if any.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Show cause notice and integrated penalty procedure reshape assessment and reassessment orders under the Income-tax framework.
Section 471 is amended to require a show cause notice as the mode of hearing, and to integrate any penalty under section 439 into assessment or reassessment orders made on or after 1 April 2027. References in the Act to an assessment order or penalty order under section 439 are to be read as references to the combined assessment or reassessment order where the penalty forms part of that order. Approval of the Joint Commissioner for such assessment or reassessment is also deemed to cover the penalty component, if any.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
