CBDT issues instructions for a selection of cases for reassessment under the existing regime, prior to the new regime, proposed to vide Finance Bill, 2021, becoming effective from 1 April 2021


The provisions of the Income Tax Act, 1961 permit the tax authority, subject to certain conditions, to reopen a case for assessment where the tax authority has a reason to believe that income has escaped assessment. Generally, such reopening is permitted for a period up to seven years from the end of the relevant tax year which is it is sought to be reopened. In this regard, the CBDT has issued instructions directing that no cases other than the following categories of cases shall be considered for reopening in respect of tax year 2012-13 to 2016-17

policy updates