CA. Ombir Singh Panwar is partner at Ombir Panwar & co. which is a leading Indian Chartered Accountant firm in New Delhi, led by skilled and experienced indian chartered accountants having industry experience of over a decade. Our vast knowledge, expertise and core competence in various areas helps us to achieve total customer satisfaction. We provide our specialized services in the field of Survey , Search and seizure in income tax, service tax . our other services are management consultancy, international taxation, financial managment , company formation/incorporation, corporate compliance, Foreign Branch/Liaison Office Formation etc…
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Reopening of assessment: Assessing Officer's reason to believe permits reassessment, subject to recorded reasons and fresh material.
Reopening of assessment requires the Assessing Officer to have contemporaneously recorded reason to believe, grounded in fresh tangible material with a clear nexus to the conclusion; reasons must be self explanatory, evidence based, supplied on request, and accompanied by opportunity to file objections and a reasoned disposal. Reassessment applies only to income chargeable to tax that escaped assessment, exempting tax neutral items, and additional issues may be assessed only in conjunction with the issue for which reasons were recorded except where statutory explanation permits otherwise. (AI Summary)
Income Tax