Supreme Court Upholds 90,000 Income Tax Notices Amid Reassessment Procedure Revisions

In a ruling that impacts thousands of taxpayers, the Supreme Court Upholds 90,000 Income Tax Notices Amid Reassessment Procedure Revisions and pertained to assessment years 2013-14 to 2017-18. This decision revives the tax department’s authority under the previous tax regime, allowing them to reopen these past cases, which had initially been deemed invalid under new laws introduced in 2021.

“The judgment will have wide ramifications, affecting around 90,000 taxpayers,” noted Ved Jain, past president of the Institute of Chartered Accountants of India (ICAI). “It will be a landmark ruling regarding the extent of executive powers to extend limitations via executive orders, even after new legislation has been enacted.

https://economictimes.indiatimes.com/news/india/sc-rules-in-favour-of-tax-dept-in-feud-over-new-and-old-rules-with-thousands-of-taxpayers/articleshow/113895420.cms?from=mdr