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The Income Tax Act 1961 was enforced to regulate the tax laws in India and protect the interests of the country’s taxpayers. Every taxpayer is obligated to file a return of his income for assessment in the relevant assessment year, and any delay or avoidance in the same can book the assessee under tax evasion, followed by an issue of notice from the Assessing Officer in this regard under Section 148 of IT Act 1961. After receiving such notice, the assessee faces a lot of confusion in dealing with the further action plan.
The article discusses the safeguards for the Assessee under Section 148 of IT Act to help the assessee avoid the confusion and complexities associated with this section of the Income Tax Act.
Table of Contents
Section 148 0f IT Act 1961 enumerates the responsibility of an Assessing Officer to serve a notice to the assessee, not before providing him with an opportunity to furnish a return of his income or of any other person regarding which the assessee is assessable under this Act during the previous year in the relevant assessment year, within the specified time period at mentioned in the notice in the prescribed manner before initiating the assessment, re-assessment or re-computation as per section 147 of the ITA 1961.
Only the Assessing officers having the below-mentioned qualifications are entitled to issue notice to the Assessee under Section 148 of IT Act.
Notice under section 148 of IT Act can be served upon the Assessee by the assessing officer due to the following reasons-
The time frame for the issue of notice under section 148 of IT Act is provided in Section 149, which is as follows:
The assessee has the following obligations and safeguards upon the receipt of the notice under Section 148 of IT Act
The assessee must
The Supreme Court pronounced a landmark judgement, namely Union of India Vs Ashish Aggarwal, regarding the problem of assessment and re-assessment under Section 148 of IT Act, which is discussed below –
Whether old provisions for re-assessment been substituted by Finance Act, 2021[1], and such old provisions are not applicable on or after 01.04.2021?
The safeguards provided to the Assessee under Section 148 of IT Act 1961 can help in protecting his interests in the event of an issue of notice from the assessing officer as it provides him with certain rights to safeguard himself from any unnecessary legal complexities. The landmark judgement of the Apex Court can act as an added advantage in this regard.
Read our Article: Assessment and Reassessment Notice under Section 148 of Income Tax Act
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