Section 148A Reassessment Procedure — Supreme Court’s Definitive Ruling in Rajeev Bansal Case: What Every Tax Professional Must Know

Relevant Sections & Provisions

• Section 147 — Income escaping assessment
• Section 148 — Notice for income escaping assessment
• Section 148A — Conducting inquiry, providing opportunity before issue of notice under Section 148 (inserted by Finance Act 2021, w.e.f. 01.04.2021)
• Section 149 — Time limit for notice
• Section 151 — Sanction for issue of notice
• Section 151A — Faceless assessment of income escaping assessment
• Article 142 — Constitution of India (Supreme Court’s plenary powers)

Case Name with Citation

Rajeev Bansal vs. Union of India & Others Civil Appeal No. 8629 of 2024 (and connected matters) Supreme Court of India Citation: 2024 SCC OnLine SC 2764 Date of Judgment: 03 October 2024 Bench: Hon’ble Justice Sanjiv Khanna (as he then was), Justice Sanjay Kumar, and Justice R. Mahadevan