| Question And Answer | |
|---|---|
| Subject: | Return in response to notice u/s 148 |
| Category: | Income-Tax |
| Querist: | seetharaman |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Notice, Reassessment, reply |
| Date: | March 13, 2022 |
Sir,
In response to notice u/s 148 issued after 01/04/2021, reply by way of objection to re opening without following the due procedure prescribed quoting Delhi, Chennai High court decisions and also , filing of return without prejudice to objection, in response can be done simultaneously? pl advice.
what is the due date for completion of re assessment in cases where notice is issued after 01/04/2021. Kindly enlighten.
As we understand,
The assessee wishes to file objections to a Notice issued under section 148 of the Income-tax Act, 1961 issued on or after April 01, 2021.
The issue pertains to whether the erstwhile scheme of reassessment is to be followed or the new regime which was Introduced vide Finance Act, 2021.
Firstly, the assessee should raise the issue of the validity of the Notice and rely on the catena of decisions of various High Courts. However, the Department has filed an SLP in the Hon’ble Supreme Court and until the decision of the Supreme Court, it is less likely that the Ld. Assessing Officer would drop the proceedings based on the decision of the jurisdictional High Court let alone another High Court.
Secondly ,, the assessee should file objections in detail referring the facts ,law , whether the issue is subject matter of appeal , and also may refer any jurisdictional or Supreme Court decision.
Thirdly , the due date for completion of assessment is March 31, 2023. Therefore, it is likely that the Department will wait for the decision of the Hon’ble Supreme Court.