TMI BlogRe-opening of assessment.X X X X Extracts X X X X X X X X Extracts X X X X ..... in the following cases, namely:— (a) where the tax base for the relevant financial year exceeds the maximum amount not liable to tax but (i) the return of tax bases has not been furnished; (ii) no notice has been issued under section 146; and (iii) the time limitation for issuing such notice has expired; (b) where a return of tax bases has been furnished by the assessee, but- (i) no assessment has been made; and (ii) the assessee has understated the tax bases, or has claimed excessive loss, deduction, allowance or relief in the return; (c) where an assessment has been made under section 155 or section 156, but— (i) the tax bases liable to tax has been under-assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person referred to in clause (d). (4) The notice under sub-section (2) shall be issued— (a) for the seven financial years immediately preceding the financial year in which the search and seizure has been carried out or the material has been obtained; and (b) within a period of seven financial years from the end of the relevant financial year in any other case. (5) Notwithstanding anything in sub-section (4), the notice under sub-section (2) for any financial year may be issued at any time, if— (a) the reassessment is to be made in consequence of, or to give effect to, any finding, or direction, contained in an order passed— (i) by any authority or court in any proceeding under this Code by way of appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing relating to any financial year falling within the period of seven financial years referred to in sub-section (4) shall abate if it is pending on the date of the initiation of the search, or on the date of obtaining the material, as the case may be. (9) The provisions of this section shall also apply in the case of any other person, referred to in clause (e) of sub-section (3), as if a search and seizure has been carried out under section 135 in his case, if any material which has a bearing on the determination of the tax bases of such other person, has been— (a) seized in the course of search and seizure under section 135 in the case of the person referred to in clause (d) of sub-section (3); or (b) obtained in pursuan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Assessing Officer having jurisdiction over such other person; (b) reassessment shall include any other part of the tax bases chargeable to tax which has escaped assessment and which comes to the notice of the Assessing Officer subsequently in the course of reassessment proceedings, notwithstanding that the reasons recorded for reopening under sub-section (1) do not refer to such part of tax bases; and (c) reopening a case for reassessment shall include opening a case for assessment where return for a tax bases has not been furnished before the issue of notice under sub-section (2). - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementind ..... X X X X Extracts X X X X X X X X Extracts X X X X
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