Supreme Court Judgement on Income Tax Section 148 Controversy - Impact on Assessee - Who Got What

#CASansaar #IncomeTax #Section148
Supreme Court Landmark Judgement dated 04-05-2022 on Income Tax Section 148 Controversy - Impact on Assessee - Who Got What discussed by CA. Rajiv Jain with CA. Vivek Khurana.
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• Supreme Court Judgemen...
Nearly 90,000 reassessment notices that were issued by the income tax (I-T) department after April 1, 2021 under the provisions of the unamended section 148 have been held as valid by the Supreme Court (SC).
Reassessment Notices issued under Section 148 after 2021 amendment will be deemed to be issued under Section 148A - Supreme Court.
The top court held that Section 148A of the Act is a new provision and a game changer with an aim to achieve the ultimate object of simplifying the tax administration, ease compliance and reduce litigation.
The Supreme Court on Wednesday held that notices issued to assessees under Section 148 of the Income Tax Act of 1961 shall be deemed to be issued under Section 148A of the newly-amended Act as was substituted by the 2021 Finance Act
[Union of India v. Ashish Agarwal and ors.]
A Bench of Justices MR Shah and BV Nagarthana exercised the Court's powers under Article 142 of the Constitution to say that the present ruling will apply not just to the order under challenge but to all similar judgments across the country.
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Reassessment notice under unamended IT Act not to be invalid,
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