Law Relating To Reassessment By D.C. Agrawal , Ajay Kumar Agrawal June 2023

This book is a comprehensive commentary on the Reassessment provision under the Income-tax Act. It features an exhaustive discussion on the fundamental concepts & issues arising under the law of reassessment combined with essential commentary on statutory provisions & the jurisprudence. It also includes cross-references to other chapters wherever implications must be understood entirely to assist the reader. The objectives of this book are as follows:
– [Amendments made by the Finance Act 2021, 2022 & 2023] with respect to the provisions relating to reassessment have been incorporated in the 3rd Edition
– [Insight into the Old Provisions] through a simple and understandable explanation
– [Condition for Deeming Provisions/Procedure] To highlight the conditions under which deeming provision of section 148 can be applied, or procedure contained in section 148A can be followed
– [Case Laws under the Old Law] To highlight to what extent propositions upheld by the Courts under the old law can be applied under the new law
– [Revision u/s 263 in Reopened Cases] To highlight the circumstances under which revision u/s 263 in reopened cases can be done
– [Penal Provisions] To highlight the circumstances under which penal provisions in relation to escaped income can be invoked.
* This book will be helpful for departmental officers, litigants, and tax professionals dealing with the reopening of assessments. The provisions are explained in a manner so that not only the experts in Income-tax law will be benefited, but also a beginner can be elevated to the next level.
The Present Publication is the 3rd Edition and has been amended by the Finance Act 2023. This book is authored by D.C. Agrawal & Ajay Kumar Agrawal with the following noteworthy features:
– [Key Highlights of the 3rd Edition] are as follows:
– New Topics such as ‘Responses to the Notices’, Enhancement in Reassessment’ and ‘Development Post Ashish Agarwal’s Case’
– The outcome of controversies relating to reassessment for the AYs 2013-14 & 2014-15 as per the decisions of the Hon’ble Allahabad High Court & Hon’ble Gujarat High Court have been discussed at appropriate places
– Decisions rendered by the Courts on reassessment under the old law and reassessment in search and seizure cases based on incriminating material have been incorporated in the relevant chapters
– [Easy-to-Understand Commentary in Article Format with a focus on Implications] along with guidance on understanding the implications of the new law on the reopening of completed assessments
– [140+ FAQs] for quick answers to select questions relating to assessment/reassessment
– [3,000 + Case Laws] from the Hon’ble Supreme Court, High Courts and Tribunals
* The contents of the book are as follows:
– Introduction
– Reopening under Old Law – Basic Principles
– Reopening under Old Law – Specific Propositions
– Income Escaping Assessment – Section 147
– Issue of Notice where Income has Escaped Assessment – Section 148
– Conducting Inquiry, providing opportunity before the issue of Notice under Section 148 – Section 148A
– Implications of Section 135A in Reopening of Assessment
– Concept and Scope of Deemed Information
– Time Limit for Notice – Section 149
– Books of Account, Other Documents & Evidence
– Issue and Service of Notice Generally
– Approval of Additional Commissioner – Section 148B
– Approval for Issue of Notice – Section 151
– Notice Deemed to be Valid under certain Circumstances – Sections 292B & 292BB
– Assessment and Reassessment in Search, Requisition and Survey Cases
– Revision of Reassessment Orders
– Penalties
– Misc. Escaped Income and Reopening under New Law
– Aggregation of Escaped Income u/s 149(1A)
– Validity of Notices issues under Section 148 after 01-04-2021 under old Law
– Responses to the Notices under New Law
– Developments Subsequent to Ashish Agarwal’s Case
– Enhancement in Reassessment
– FAQs

—— About The Author —–
D.C. Agrawal– Advocate, has vast experience in the field of taxation. He served in Income Tax Department as an IRS officer for about 30 years. After that, in 2005, he was elevated to Income Tax Appellate Tribunal, where he served as Accountant Member till his superannuation in July 2011. Apart from being IRS, he holds a master’s degree in science. He is Law Graduate and is also a qualified Cost and Works Accountant. As an Accountant Member of the Income Tax Appellate Tribunal, he has authored several landmark judgments published in leading Tax journals. He has also written two books, ‘Basic concepts of International Taxation’ and ‘Taxation of Cash Deposits & Deposits after Demonetisation’, published by Taxmann. He has also authored more than 200 Articles on various topics in Direct Taxes, particularly carrying analysis of judgements rendered by the Hon’ble High Courts and Income Tax Appellate Tribunal. These articles are published in leading journals such as Corporate Professional Today. Currently, he is practising as an Advocate and Consultant.
Ajay Kumar Agrawal– FCA, is a science graduate and fellow chartered accountant in practice for over 26 years. Ajay has been in continuous practice, mainly in corporate consultancy, litigation in Direct and Indirect laws, Regulatory Law, and commercial law, besides the Auditing of Corporates and Banks. He has wide experience in a variety of consulting matters of corporates and multinationals in the field of mergers & acquisitions, corporate restructuring across sectors, domestic and international taxation, FEMA and FDI laws.