Know the decision of the apex court of India on the income tax act for section 148. Know what aspects have been taken into consideration in this blog.
Around 90K notices for reassessment has been invalidated by various High Courts due to technical issue. #supremecourtofindia today justify the actions of the HCs. But invoking its power under Article 142 of the Indian Constitution, the Apex Court today validate all the notices subject to adhere the procedure enacted under the new provisions of the Act within the time limit specified in the order dated today, 4th May, 2022.
Recommended: Effects And Impact Of GST On Cross Border Transactions - DSRV India
Honorable Supreme Court, for first time in the history of Income Tax services since 1922 has exercised today its constitutional powers under article 142 to reverse the assessee favourable decisions taken by honorable high courts of Delhi /Allahabad /Maharashtra/ Calcutta for quashing 148 notices issued after 31/3/21 being ultra vires.
Please note that Honorable SC earlier used similar powers very sparingly in Ram Janam Bhoomi cases, Union Carbide case, Coal Block Cancellation cases, Sale of Liquor along highways case, IBC (Amendment) Act 2020 case etc.
Read More: Vital Reasons Why You Need A Tax Consultant
In present case honorable SC grant relief against procedural lapses committed by assessing officer as amount involved may around INR 1.00 Lakh Crore. Big relief for revenue who is generally at receiving end from Courts.
Read about income tax notices for salaried employees and learn about the types of notices issued, the reasons behind them, and how to respond to them.
Discover the 8 key reasons you might receive an income tax notice and learn essential steps for a timely and compliant response. No need to panic!
Do you know the consequences of ignoring an income tax notice? Learn about the penalties after ignoring income tax notice issued under Income Tax Act.
