Amendment of section 148A.
45. In section 148A of the Income-tax Act,––
(i) in clause (b), the words “with the prior approval of specified authority,” shall be omitted;
(ii) in the proviso, in clause (c), for the words “relate to, the assessee.” the following shall be substituted, namely:––
“relate to, the assessee; or
(d) the Assessing Officer has received any information under the scheme notified under section 135A pertaining to income chargeable to tax escaping assessment for any assessment year in the case of the assessee.”.
Notes on Clauses:
Clause 45 seeks to amend section 148A of the Income-tax Act relating to conducting inquiry, providing opportunity before issue of notice under section 148.
Clause (b) of the said section provides that an opportunity of being heard shall be provided to the assessee, by serving upon him a notice to show cause as to why a notice under section 148 should not be issued on the basis of information which suggests that income chargeable to tax has escaped assessment in his case for the relevant assessment year and results of enquiry conducted, if any, as per clause (a) of the said section. It is proposed to omit the requirement of approval of specified authority in clause (b).
It is further proposed to insert a new clause (d) in the proviso to the said section to provide that the provisions of the said section shall not apply in cases where the Assessing Officer has received any information under the scheme notified under section 135A, pertaining to income chargeable to tax escaping assessment for any assessment year in the case of the assessee.
These amendments will take effect from lst April, 2022.
