Preface

We are presenting herewith the one and only title of its kind being "Assessment & Reassessment--Law, Practice and Procedure", an originally written presenting all aspects relating to assessment & reassessment under Income Tax Act, 1961 at one place.

This very title suggests that, it is one book which is relevant for all Char­tered Accountants engaged in taxation work and all income-tax practitioners worth the name is this. The Government is moving towards E-assessment and it is learnt that all returns will be scrutinized and tallied with the information available with the government and notices will be sent wherever variance is detected, apart from cases which holder have been scrutinized based on pre-determined risk criteria and on basis of computer selection. The returns have now to be filed by all persons having taxable income and also by persons fulfilling certain criteria like deposits in current account, expenditure on foreign travel, consumption of electricity or by person falling under criteria specified by the government. The government is determined to enhance the tax base and thus the work-load of, and the opportunities for, the tax professionals are going to multiply accordingly. Once the returns have been filed, the assessments must be made, whether summary or scrutiny. Also, reopening of the assessments has developed as a very powerful tool in the hands of revenue and the tax professionals are required to face music quite often so as to protect their clients from consequential severe onslaughts. Consequentially, importance of a book with the title as the present one, is all the more relevant for assessees, tax professionals and departmental officers; it is going to come to their aid almost daily and may be even on more so.

Book 1 deals with "Assessment". The entire matter has been divided in eight sections and 56 chapters in this book we have deliberated on each and every aspect of assessment, be it Summary Assessment or Scrutiny Assessment or even Best Judgment Assessment. Each aspect has been dealt with in sufficient detail analyzing the available case law and reaching to logical conclusion. One important aspect of scrutiny assessment is addition to income. A separate section is devoted to it. The entire subject matter is divided in 15 chapters namely : --

-- Law Regarding Addition to Income

-- Maintenance of Records and Addition to Income

-- Justification for Addition

-- Disallowance of Expenses, Estimation of Income, On-Money, Etc.

-- Unaccounted Profits, Income, Etc.

-- Addition Based on Profit Rate

-- Addition Towards Bogus Purchases

-- Ad Hoc Addition

-- Addition on the Basis of Survey Report, Seized Documents, DVO's Report, Third Party Information, Etc.

-- Addition on Basis of AIR Information

-- Addition on Basis of Entry in Form No. 26AS

-- Addition Towards Household Expenses

-- Miscellaneous Issues as to Addition

-- Addition Based on Stock Statement Submitted to Bank

-- Addition towards Cash Deposits During Demonetisation

Addition towards bogus purchases has become a frequent issue in recent times and, with current disclosures regarding GST evasion via bogus bills, it is going to be focus area in Scrutiny assessments. We have, therefore included a separate chapter on it namely Addition Towards Bogus Purchases practicable covering all the aspects thereof.

E-Assessment is now the buzzword with government hell bent to go for faceless assessments. Recently, the CBDT announced E-Assessment Scheme, 2019. A separate chapter is been devoted to this scheme and the entire E-Assessment process is explained in a meaningful manner.

Reassessment has, in past years, become a powerful tool in the hands of revenue and notices after notices have been issued in the recent past. And going with the fact that department is now armed with a lot of financial information about the assessees, these notices are bound to increase in times to come.

Wherever a notice under section 148 is issued, the responsibility of tax professional goes to increase manifold. He has to seek reasons for reopening, file objections to reopening and if required, challenge the reopening. In this, first of its kind treatise on reopening, we have dealt with all the aspects of Reassessment at one place in Book 2 "Reassessment". The entire subject matter is divided in 33 chapters. All aspects related to Reassessment are discussed in detail like Reassessment on Change of Opinion, Full and True Disclosure, Validity of Reopening, Reopening on the Basis of Audit Objection, DVO's Report, Information from Investigation Wing Report, Reopening of Assessment Completed under Section 143(1), 143(3), Notice for Reopening and Seeking Reasons for Reopening, Filing Objections to Notice, Validity of Notice, etc.

However, the title by itself cannot play the trick. It is the con­tents in totality of the book and even more than that it is the placement or arrangement and presentation of the topics apart from the choice of the subject matter, which would make any book a great success. It is our firm belief that this book is going to soon establish itself as a milestone, particularly since here is a title which is much sought after but whatever has been served through rather been 'incomplete, incomprehensible and confusing enough.

A book of the present nature must necessarily be of utmost practical utility and specially structured for convenience of consultation and provide quick, precise and accurate answers to the ques­tions confronting the readers. As to the present one, we are certain that it in these specific reach.

This book stands updated in wake of the Finance (No. 2) Act, 2019 and other latest developments like Circulars, Notifications, Ordinance apart from the latest available case law.

With this we present this book to our esteemed readers. We are humbly open for all constructive suggestions.

JODHPUR

--AVADHESH OJHA

13 OCTOBER, 2019

--MANOJ GUPTA

SHARAD PURNIMA