https://www.taxtmi.com/article/detailed?id=10522 The Finance Act, 2021 and a 2022 substitution reformed reassessment procedure by requiring pre-notice enquiries and a mandatory show-cause process under Section 148A, imposing prior supervisory approvals for certain orders under Section 148B, and tightening time limits contingent on possession of documentary evidence of escaped income. The Supreme Court directed that notices issued under the old procedure after the amendments be treated as compliant with the new show-cause framework and allowed the Revenue to proceed, subject to furnishing relied-upon material, following specified reply periods, and obtaining required approvals before issuing formal reassessment notices. en-us Thu, 14 Jul 2022 11:26:23 +0530 Thu, 14 Jul 2022 11:26:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=10522 The Finance Act, 2021 and a 2022 substitution reformed reassessment procedure by requiring pre-notice enquiries and a mandatory show-cause process under Section 148A, imposing prior supervisory approvals for certain orders under Section 148B, and tightening time limits contingent on possession of documentary evidence of escaped income. The Supreme Court directed that notices issued under the old procedure after the amendments be treated as compliant with the new show-cause framework and allowed the Revenue to proceed, subject to furnishing relied-upon material, following specified reply periods, and obtaining required approvals before issuing formal reassessment notices. Articles Income Tax Thu, 14 Jul 2022 11:26:23 +0530 https://www.taxtmi.com/article/detailed?id=10522