SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021

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SC backs validity of 90,000 I-T reassessment notices made after Apr 1, 2021 - Business Standard

Quick Summary:

The top court on Thursday set aside the verdicts of several high courts that had held that the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA) of 2021 will not extend the time limit for issuing reassessment notices under the Income Tax Act.

In a relief to the Income Tax Department, the Supreme Court has upheld the validity of nearly 90,000 reassessment notices issued by the revenue department after April 1, 2021, under old provisions.

A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra dealt with two legal questions related to the interplay of three Parliamentary statutes, the Income Tax Act, the TOLA and the Finance Act.