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What is the meaning of Prior approval necessary for assessment in cases of search or requisition? What is Rectification of mistake? Section 153D and 154 of Income Tax Act 1961

Prior approval necessary for assessment in cases of search or requisition and Rectification of mistake are defined under section 153D and 154 of Income Tax Act 1961. Provisions under these Sections are :

Section 153D of Income Tax Act "Prior approval necessary for assessment in cases of search or requisition"

Section 153D. No order of assessment or reassessment shall be passed by an Assessing Officer below the rank of Joint Commissioner in respect of each assessment year referred to in clause (b) of sub-section (1) of section 153A or the assessment year referred to in clause (b) of sub-section (1) of section 153B, except with the prior approval of the Joint Commissioner.

Following proviso shall be inserted in section 153D by the Finance Act, 2013 w.e.f. 1-4-2016 :

Provided that nothing contained in this section shall apply where the assessment or reassessment order, as the case may be, is required to be passed by the Assessing Officer with the prior approval of the 21[Principal Commissioner or] Commissioner under sub-section (12) of section 144BA.

 

Section 154 of Income Tax Act "Rectification of mistake"

Section 154. (1) With a view to rectifying any mistake apparent from the record an income-tax authority referred to in section 116 may,-
(a) amend any order passed by it under the provisions of this Act ;

(b) amend any intimation or deemed intimation under sub-section (1) of section 143;

(c) amend any intimation under sub-section (1) of section 200A;
(d) amend any intimation under sub-section (1) of section 206CB.]

(1A) Where any matter has been considered and decided in any proceeding by way of appeal or revision relating to an order referred to in sub-section (1), the authority passing such order may, notwithstanding anything contained in any law for the time being in force, amend the order under that sub-section in relation to any matter other than the matter which has been so considered and decided.

(2) Subject to the other provisions of this section, the authority concerned-
(a) may make an amendment under sub-section (1) of its own motion, and

(b) shall make such amendment for rectifying any such mistake which has been brought to its notice by the assessee or by the deductor] 22[or by the collector], and where the authority concerned is the Commissioner (Appeals), by the Assessing Officer also.

(3) An amendment, which has the effect of enhancing an assessment or reducing a refund or otherwise increasing the liability of the assessee or the deductor 22[or the collector], shall not be made under this section unless the authority concerned has given notice to the assessee or the deductor 22[or the collector] of its intention so to do and has allowed the assessee or the deductor 22[or the collector] a reasonable opportunity of being heard.

(4) Where an amendment is made under this section, an order shall be passed in writing by the income-tax authority concerned.

(5) Where any such amendment has the effect of reducing the assessment or otherwise reducing the liability of the assessee or the deductor 22[or the collector], the Assessing Officer shall make any refund which may be due to such assessee or the deductor 22[or the collector]

(6) Where any such amendment has the effect of enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee or the deductor 22[or the collector], the Assessing Officer shall serve on the assessee or the deductor 22[or the collector], as the case may be a notice of demand in the prescribed form specifying the sum payable, and such notice of demand shall be deemed to be issued under section 156 and the provisions of this Act shall apply accordingly.

(7) Save as otherwise provided in section 155 or sub-section (4) of section 186 no amendment under this section shall be made after the expiry of four years from the end of the financial year in which the order sought to be amended was passed.

(8) Without prejudice to the provisions of sub-section (7), where an application for amendment under this section is made by the assessee or by the deductor 23[or by the collector] on or after the 1st day of June, 2001 to an income-tax authority referred to in sub-section (1), the authority shall pass an order, within a period of six months from the end of the month in which the application is received by it,-
(a) making the amendment; or
(b) refusing to allow the claim.

Income Tax Act 1961

What is Sanction for issue of notice? What is Other provisions? Section 151 and 152 of Income Tax Act 1961

What is Time limit for completion of assessments and reassessments? What is Assessment in case of search or requisition? Section 153 and 153A of Income Tax Act 1961

What is Time-limit for completion of assessment under section 153A? What is Assessment of income of any other person? Section 153B and 153C of Income Tax Act 1961

What is the meaning of Prior approval necessary for assessment in cases of search or requisition? What is Rectification of mistake? Section 153D and 154 of Income Tax Act 1961

What are other amendments? What is Notice of demand? Section 155 and 156 of Income Tax Act 1961

What is Intimation of loss? What is Intimation of assessment of firm? Section 157 and 158 of Income Tax Act 1961

What is Procedure when assessee claims identical question of law is pending before High Court or Supreme Court? Section 158A of Income Tax Act 1961

What is Procedure when in an appeal by revenue an identical question of law is pending before Supreme Court? Section 158AA of Income Tax Act 1961

What is search cases Definitions? What is Assessment of undisclosed income as a result of search? Section 158B and 158BA of Income Tax Act 1961

What is Computation of undisclosed income of the block period? What is the Procedure for block assessment? Section 158BB and 158BC of Income Tax Act 1961

What is Undisclosed income of any other person? What is Time limit for completion of block assessment? Section 158BD and 158BE of Income Tax Act 1961

What is the meaning of Certain interests and penalties not to be levied or imposed? What is Levy of interest and penalty in certain cases? Section 158BF and 158BFA of Income Tax Act 1961

What is the Authority competent to make the block assessment? What is Application of other provisions of this Act? What is the Chapter not to apply after certain date? Section 158BG, 158BH and 158BI of Income Tax Act 1961

What are Legal representatives? Who is Representative assessee? Section 159 and 160 of Income Tax Act 1961

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