Simplification of approval regime for issue of notice for re-assessment

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....implification of approval regime for issue of notice for re-assessment<br> Query (Issue) Started By: - Admin TMI Dated:- 28-2-2015 Last Reply Date:- 28-2-2015 Income Tax<br>Got 1 Reply<br>Income Tax<br>Question - What are proposed changes in approval regime for issue of notice for re-assessment in Finance Bill 2015 ? Reply By Admin TMI: The Reply: Simplification of approval regime for issue of ....

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....notice for re-assessment Section 151 of the Act provides for sanction from certain authorities before issue of notice for reassessment of income under section 148. Under certain specified circumstances, the Assessing Officer is required to obtain sanction before issue of notice under section 148. Section 151 specifies different sanctioning authorities based on- (i) whether scrutiny under sub-sect....

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....ion (3) of section 143 or section 147 has been made earlier or not, (ii) whether notice is proposed to be issued within or after four years from the end of relevant assessment year, and (iii) the rank of the Assessing Officer proposing to issue notice. To bring simplicity, it is proposed to provide that no notice under section 148 shall be issued by an assessing officer upto four years from the e....

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....nd of relevant assessment year without the approval of Joint Commissioner and beyond four years from the end of relevant assessment year without the approval of the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner. This amendment will take effect from 1st day of June, 2015.<br> Discussion Forum - Knowledge Sharing ....