Tax update on reassessment tax notices - Supreme Court verdict
Published on May 17, 2022
Recently,The Indian Supreme Court (“SC”) upheld the validity of the tax reassessment notices issued post-April 1, 2021 under erstwhile section 148 of the domestic tax law of India/Income-tax Act, 1961 (“Act”). It is considered as one of the landmark rulings in the Indian tax arena. The SC held that the notices shall be deemed to be issued under section 148A of the act and be treated as Show Cause Notice in terms of section 148A(b) of the act. Section 148 of the act allows the Assessing Offer (“AO”) to issue a notice for initiating re-assessment proceedings on taxpayers.
Document attached for the full read.Download Tax update on reassessment tax notices