Taxmann's New Reassessment Regime – Law | Procedure | Practical Guide – Authoritative Resource Covering—Legislative Changes | Procedural Framework | Judicial Rulings | Practical Tools
About this ebook
The book is helpful for tax professionals, legal practitioners, and policymakers seeking clarity on the revamped reassessment framework.
The Present Publication is the 1st Edition, edited by Dr K. Shivaram and Mr Tushar Hemani (Senior Advocate) and authored by Mr Shashi Bekal (Advocate). The noteworthy features of the book are as follows:
• [Comprehensive Analysis of Legislative Changes] The book explains the significant amendments brought by the Finance Act, 2021 and the Finance (No. 2) Act, 2024. It covers the shift from the "reason to believe" doctrine to pre-notice inquiries under Section 148A, revised timelines for reassessment, and the introduction of faceless reassessment procedures
• [Judicial Rulings and Case Law Analysis] It incorporates detailed discussions on landmark judicial decisions, including Union of India v. Ashish Agarwal [2022] 138 taxmann.com 64 (SC) and Union of India v. Rajeev Bansal [2024] 167 taxmann.com 70 (SC), to illustrate the impact of courts on the evolving reassessment provisions. These cases highlight procedural safeguards, interpretations, and the judiciary's role in shaping the reassessment framework
• [Historical Context and Evolution] Tracing the reassessment regime from its origins under the Income-tax Act, 1922, the book provides a historical perspective that contextualises the recent changes within the broader evolution of tax law in India
• [Practical Guidance for Compliance] The book offers hands-on tools, including detailed checklists, step-by-step guidance for responding to reassessment notices, and practical tips for ensuring procedural compliance. It simplifies complex procedures for easy implementation
• [Discussion on Penalties and Prosecution] It analyses penalties and prosecution provisions related to reassessment, offering clarity on compliance requirements, potential liabilities, and how to address common pitfalls
• [Analyses of Writ Remedies] It provides a detailed discussion on writ jurisdictions and remedies, outlining the constitutional avenues available to taxpayers to challenge reassessment notices and orders
• [CBDT Instructions and Standard Operating Procedures (SOPs)] The book features curated annexures containing relevant CBDT notifications, instructions, and SOPs, offering a ready reference for professionals dealing with reassessment cases
• [Simplified Language and Accessibility] Written in clear and concise language, the book bridges the gap between technical legal provisions and practical application, making complex topics accessible to readers
• [Broad Scope of Coverage] Topics include timelines for reopening assessments, faceless reassessment, appellate mechanisms, writ petitions, penalties, and recent procedural changes, ensuring a holistic understanding of the reassessment process
The book is methodically structured to provide an in-depth understanding of reassessment provisions under the Income-tax Act, 1961, combining historical context, legislative changes, judicial interpretations, and practical guidance.
• Introduction and Historical Context
o Overview of reassessment provisions and their evolution from the Income-tax Act, 1922
o Contextual analysis of how reassessment has shaped tax law over decades
• Legislative Changes
o Detailed coverage of the Finance Act, 2021, and Finance (No. 2) Act, 2024
o Key amendments such as Section 148A, faceless reassessment, and updated timelines for reopening cases
• Judicial Interpretations
o Landmark cases like UOI v. Ashish Agarwal and UOI v. Rajeev Bansal
o Role of courts in shaping reassessment procedures and ensuring procedural fairness
• Key Provisions and Concepts
o A Comprehensive exploration of Sections 147 to 153
o Explanation of terms like income escaping assessment, procedural safeguards, and conditions for reopening cases
• Practical Tools and Procedural Guidance
o Step-by-step instructions for responding to notices and preparing effective representations
o Practical checklists for compliance and navigating procedural complexities
• Faceless Reassessment and CBDT Guidance
o Explanation of faceless reassessment procedures and their implications
o Compilation of relevant CBDT instructions, standard operating procedures, and notifications
• Special Topics and Challenges
o Penalties, prosecution, and their implications under the reassessment regime
o Discussion of constitutional remedies, writ petitions, and appellate mechanisms available to taxpayers
• Case Studies and Examples
o Practical examples and curated case studies to demonstrate the application of reassessment provisions
• Annexures and Reference Material
o Statutory references, CBDT guidelines, and procedural clarifications
o Comprehensive subject index and list of cases for easy navigation
Ratings and reviews
- Flag inappropriate
About the author
Inspired by the ideology to have a common platform for all those who practice taxation laws, irrespective of their individual affiliations and to enable them to share the benefits of their learning and sharing of knowledge, eminent professionals from the fields of Direct and Indirect Taxes conceived the idea of establishing an All-India body for the tax practitioners. The AIFTP has completed 45 glorious years of its existence.
The main object of AIFTP is to spread education in matters relating to tax laws, other laws and Accountancy.
The membership of the AIFTP comprises Senior Advocates, Advocates, Solicitors, Chartered Accountants and Tax Practitioners who are practising Direct & Indirect Taxes from all States and union territories of the country. Members of the AIFTP enjoy a strong bond of fellowship leading to fraternal brotherhood among professionals. The AIFTP is the only voluntary professional organisation in our country with 144 Professional Associations as its affiliated members and more than 10,000 individuals as life members from 29 States and 4 Union Territories.
Shashi Bekal, an accomplished advocate, serves as a Tax Counsel in the chambers of Dr. K. Shivaram, Senior Advocate in Mumbai and as a Panel Counsel for the Central Board of Indirect Tax and Customs. In addition to his legal practice, he imparts knowledge as a visiting professor teaching Income-tax Law at Pravin Gandhi College of Law, Mumbai. He holds the position of Independent Director at Golkunda Diamonds & Jewellery Limited.
Shashi Bekal is a well-regarded speaker, frequently delivering lectures on taxation across various study circles in India. His academic credentials are robust, including qualifications as a Chartered Accountant from the Institute of Chartered Accountants of India and a Law degree from the University of Mumbai. His pursuit of excellence in tax law led him to earn a Master's in Law from Jindal Global Law School, where he was awarded a scholarship in taxation, and Maharashtra National Law University – Mumbai. Further establishing his expertise, he was honoured as a Foundation for International Tax Fellow.
Professionally, Shashi is active in legal practice before Tax Authorities, the Hon'ble Income-tax Appellate Tribunal, and various High Courts. His advisory capacity spans domestic and international tax issues, including withholding tax, transfer pricing, permanent establishment considerations, mergers, restructuring, estate planning, and prosecution under Income-tax laws.
Shashi Bekal has significantly contributed to literature in his field, authoring several books and articles on Income-tax. His notable publication, 'Handbook on Taxation of Partnership Firms & Limited Liability Partnerships: Frequently Asked Questions,' published by Taxmann in 2022, is a bestseller. His scholarly work includes an article on the Faceless Appeal Scheme, cited in a prominent case by the Hon'ble Income-tax Appellate Tribunal.
