https://www.taxtmi.com/highlights?id=82722 The High Court examined the validity of reassessment notices issued u/s 148 of the Income Tax Act by the Joint Assistant Commissioner (JAC) in light of the Faceless Assessment Scheme formulated u/s 151A. The key points are: The Act allows reassessment based on information from Risk Management System (RMS), audit objections, information from other countries, information u/s 135A schemes, or orders of Tribunals/Courts. The JAC can form an opinion based on such information and initiate reassessment proceedings u/s 148A. Information gathered during searches/surveys is also deemed as "information" for reassessment purposes under Explanation 2 to Section 148. The Faceless Assessment Scheme segregates the initiation of reassessment proceedings by ..... en-us Wed, 30 Oct 2024 08:32:36 +0530 Wed, 30 Oct 2024 08:32:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82722 The High Court examined the validity of reassessment notices issued u/s 148 of the Income Tax Act by the Joint Assistant Commissioner (JAC) in light of the Faceless Assessment Scheme formulated u/s 151A. The key points are: The Act allows reassessment based on information from Risk Management System (RMS), audit objections, information from other countries, information u/s 135A schemes, or orders of Tribunals/Courts. The JAC can form an opinion based on such information and initiate reassessment proceedings u/s 148A. Information gathered during searches/surveys is also deemed as "information" for reassessment purposes under Explanation 2 to Section 148. The Faceless Assessment Scheme segregates the initiation of reassessment proceedings by ..... Highlights Income Tax Wed, 30 Oct 2024 08:32:36 +0530 https://www.taxtmi.com/highlights?id=82722