SC overturns HCs, allows Income Tax department to reopen 90,000 cases

Quick Summary:

The Supreme Court upheld the validity of nearly 90,000 reassessment notices issued post-April 1, 2021, under old I-T provisions.

This decision impacts assessments from 2013-14 to 2017-18, involving substantial sums.

Courts had previously quashed such notices, but SC ruled the old provisions with TOLA time extensions are applicable.

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Article Details

Author / Journalist: Lubna Kably

Category: EconomyBusiness

Markets: IndiaBrazilSouth Africa

Topics: D Y Chandrachud Reassessment notices Income tax Business news Supreme Court I-T department

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-04 @ 03:38:00 (6 hours ago)

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Article Length: 782 words

Reading Time: 5 minutes read

Sentences: 36 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Times of India

News ID: 22872853

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