Re-assessment under the Income Tax Law has always been a subject matter of frequent stand-off between the assessors and the assessee. The Finance Act, 2021 has revamped the entire scheme of re-assessment at a time when one thought jurisprudence on this subject has well evolved with various Courts establishing settled positions of law.
We, Lakshmikumaran and Sridharan Attorneys would be hosting a threadbare analysis of the newly introduced procedure of re-assessment with special emphasis on the following areas:
- Change in time limits for initiation of re-assessment under the new scheme vis-à-vis old scheme
- Relevance of Change of Opinion under the new scheme.
- Pre-condition for initiating re-assessment proceedings beyond 3 years
Prima facie, the new provisions appear to be taxpayer friendly. However, the enacted legislation deserves a thorough analysis to determine if it indeed paves way towards lesser litigation and promotes ease of doing business to tax payers as stated in the Memorandum to the Finance Bill, 2021.
Lakshmikumaran and Sridharan Attorneys is pleased to organise this webinar on 17 August 2021 from 5 PM to 6 PM. The discussion will be led by Mr. Raghavan Ramabadran, Executive Partner, L&S who will discuss and analyse the nuances of the new provisions governing re-assessments.
Speaker :
Raghavan Ramabadran, Executive Partner, L&S