Amended and updated notes on section 148B of Income Tax Act 1961 as inserted by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to prior approval for assessment, reassessment or recomputation in certain cases.
Chapter XIV (Sections 139 to 158) of the Income Tax Act 1961 deals with the provisions related to procedure for assessment. Section 148B of IT Act 1961 provides for prior approval for assessment, reassessment or recomputation in certain cases.
Recently, we have discussed in detail section 148A (Conducting inquiry, providing opportunity before issue of notice under section 148) of IT Act 1961.
Today, we learn the provisions of section 148B of Income-tax Act 1961-2022. The amended provision of section 148B is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 148B of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-148B: Prior approval for assessment, reassessment or recomputation in certain cases
[Section 148B inserted w.e.f. 1-April-2022 by the Finance Act 2022]
No order of assessment or reassessment or recomputation under this Act shall be passed by an Assessing Officer below the rank of Joint Commissioner, in respect of an assessment year to which clause (i) or clause (ii) or clause (iii) or clause (iv) of Explanation 2 to section 148 apply except with the prior approval of the Additional Commissioner or Additional Director or Joint Commissioner or Joint Director.