Question And Answer
Subject: Section 148A and 132 of Income Tax Act
Querist: Manoj
Answered by:
Tags: , ,
Date: May 17, 2022
Query asked by Manoj

In case of search conducted after 01.04.2021, whether procedure prescribed u/s 148A is to be followed for the preceding 10 A.Y from the end of the previous year in which search took place.

Whether assessee can ask for the reasons for re-opening and copy of approval of the prescribed authority?

Whether assessee can the notice on the ground that before issuing notices u/s 148A, AO must fulfil the condition as prescribed in section 149(1)(b) of the Act?

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Search assessment are excluded from the provisions of section 148A of the Income-tax Act, 1961 (Act). Further, it is also deemed that the Ld. Assessing Officer has information that suggests that income has escaped assessment. Further, by virtue of first proviso to section 149 of the Act, the Assessment years that could not have been opened/reopened as per the old regime cannot be reopened under the new regime. Therefore, each assessment year would have to be tested with the first proviso to section 149 of the Act.

There is no concept of “reasons to believe” in the new reassessment regime and reiterating as mentioned above, search cases are outside the purview of section 148A of the Act.

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