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Under Section 147 of Income Tax Act, the Income Tax Department has the power to reassess previously filed income tax return of an individual. The Assessing Officer may take up your ITR for reassessment purpose subject to certain predefined criteria by sending notice under section 148 for income escaping assessment. Let’s discuss more on Assessment and Reassessment notice under section 148 of Income Tax Act.
As per Section 148 of Income Tax Act- An income tax computation that hasn’t been recomputed or reassessed will get a notice from the IT Department. Moreover, an assessing officer will contact the assessee.
This section talks about the issuance of notice wherein an income has escaped re-computation or assessment. It specifies that the assessing officer will contact the assessee in question by giving them a notice. Such person to whom the notice has been served is required to provide their income returns, the income returns of the person apart from the assessee in question, who is deemed to be assessable according to the provisions of the Act during the year before the relevant assessment year.
The Supreme Court has framed the procedure which can be followed once a notice has been issued under Section 148.
The steps are as follows:
Hence it can be concluded that a notice can be issued from the IT Department under section 148 of income tax act, wherein an income has escaped re-computation or assessment. However, the assessing officer must have concrete evidence that such assessee has evaded assessment of income for the assessment year of relevance.
Read our article:Analysis of Incriminating Material (IM) and Search Assessment
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