Issues of Re-Assessment Proceedings u/s 148 of Income Tax Act

| Last updated: 20 July 2021

Quick Summary
This article discusses the recent issues surrounding reassessment proceedings under Section 148 of the Income Tax Act. Notices were issued in March 2021, with an extended deadline of 30 June 2021. However, many notices issued after 31 March 2021 are being challenged in High Courts. The core of the challenge lies in the fact that these notices were issued under the old provisions of Section 148, despite the section being substituted by the Finance Act 2021, which introduced new requirements like prior approval and specific time limits.

Arjuna (Fictional Character): Krishna, there is too much discussion going on regarding the validity of notices issued u/s 148 of the Income Tax Act for reassessment proceedings. Krishna (Fictional Character):Arjuna, the income tax department has issued notices u/s 148 for reassessment proceedings
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CA Umesh Sharma

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