Fundamental Change in Reassessment Proceedings and Departure of Old Mechanism of Search Proceedings

Coming straight to the point, it appears that the Government has pressed the “restart” button, as far as the Income Tax Act, 1961 is concerned. The faceless assessment scheme, the faceless first appellate scheme before the CIT (A) and the faceless second appellate scheme proposed before the Tribunal are just an example. Vide the Finance Act 2021, the Government has completely overhauled the procedure as far as the “reassessment proceedings” and the “search proceedings” are considered.Coming straight to the point, it appears that the Government has pressed the “restart” button, as far as the Income Tax Act, 1961 is concerned. The faceless assessment scheme, the faceless first appellate scheme before the CIT (A) and the faceless second appellate scheme proposed before the Tribunal are just an example. Vide the Finance Act 2021, the Government has completely overhauled the procedure as far as the “reassessment proceedings” and the “search proceedings” are considered.taxmann.com Latest ArticlesRead More

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