Changes proposed in reassessment provisions in the Finance Bill 2022
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- Last Updated on 28 June, 2022
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Ruchesh Sinha, Anmol Batra & R.K. Aggarwal
The Finance Bill, 2022 has been tabled in the Parliament and in the same certain changes has been proposed pertaining to the reassessment proceedings. Before moving further, it shall be worthwhile to reproduce intention of the legislature which is inscribed through the Memorandum Explaining the Finance Bill 2022.
Various changes have been proposed in the Finance Bill, 2022 which appears to be making the reassessment proceedings and search proceedings in consonance. The relevant aspect which is to be highlighted in this discussion is that in the present budget, the legislature has maintained the earlier time lines in which reassessment period was curtailed from six year to three years, despite the “The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Act, 2020” clearly stating that the old mechanism shall be applicable for the months of April, May and June, 2021. No saving or revival clause as was stipulated has been brought in the present budget.
Thus this issue appears to be now reached finality, unless the Hon’ble Apex Court hold it otherwise. The further caveat is that the new mechanism is yet to be pass the test of judicial scrutiny as the same has been newly notified.
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