• About Us
  • Feedback
  • RSS Feed
  • Privacy Policy
  • Disclaimer
  • Sitemap
Odisha News, Odisha Breaking News, Odisha Latest News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News
Home Breaking News

Reassessment Notice Under Unamended Income Tax Act Will Not Be Deemed Invalid: SC

OMMCOM NEWSbyOMMCOM NEWS
May 4, 2022
in Breaking News, Nation

New Delhi:  The Supreme Court on Wednesday said that reassessment notices, issued under the unamended Section 148 of the Income Tax Act, on or after April 1, 2021, will not be deemed to be invalid.

A bench of Justices M.R. Shah and B.V. Nagarathna said: “Instead of quashing and setting aside the reassessment notices issued under the unamended provision of IT Act, the High Courts ought to have passed an order construing the notices issued under unamended Act/unamended provision of the IT Act as those deemed to have been issued under section 148A of the IT Act as per the new provision section 148A.”

Various high courts had decided in favour of the assesses by quashing several reassessment notices issued by the department under Section 148, noting that the reassessment notices were bad in law in view of the amendment by the Finance Act, 2021.

The top court modified various high court orders, which quashed the reassessment notices issued under unamended Section 148 on or after April 1, 2021.

The bench added that the Revenue Department ought to have been permitted to proceed further with the reassessment proceedings as per the substituted provisions of Sections 147 to 151 of the IT Act as per the Finance Act, 2021, subject to compliance of all the procedural requirements.

“And the defences, which may be available to the assessee under the substituted provisions of sections 147 to 151 of the IT Act and which may be available under the Finance Act, 2021, and in law.”

The top court judgment is likely to ensure it is not over burdened with around 9,000 appeals by the Finance Ministry, as it used its powers under the Constitution’s Article 142 to avoid any further appeals by ministry. “Therefore, we have proposed to pass the present order with a view avoiding filing of further appeals before this court and burden this court with approximately 9,000 appeals against the similar judgments and orders passed by the various High Courts, the particulars of some of which are referred to hereinabove,” said the bench.

The top court judgment came on a clutch of appeals where various high courts had ruled in favour of the assesses.

“Impugned Section 148 notices issued to the respective assesses which were issued under unamended Section 148 of the IT Act, which were the subject matter of writ petitions before the various respective High Courts shall be deemed to have been issued under Section 148A of the IT Act as substituted by the Finance Act, 2021 and construed or treated to be show cause notices in terms of Section 148A(b).”

(IANS)

Tags: High Courtincome taxRevenue DepartmentSupreme Court
Previous Post

Integrated Traffic Management System Installed In Sundergarh

Next Post

Bankrupt Sri Lanka’s Dollar Reserves Drops To Below $50 Mn

Related Posts

Nation

Maratha Light Infantry Regimental Centre Celebrates 255th Raising Day

February 5, 2023
Nation

Delhi Court Restrains Shikhar Dhawan’s Estranged Wife From Defaming Him

February 5, 2023
Nation

ART, Surrogacy Bill Strive To Provide Better Medical Care: Mandaviya

February 5, 2023
Nation

Sunny Leone’s Fashion Show In Imphal Cancelled After Grenade Blast

February 4, 2023
Breaking News

Banshidhar Pratihari To Get Dharmapada Award

February 4, 2023
Nation

First Energy Transitions Working Group Meeting To Begin On Feb 5

February 4, 2023
OMC

Related Posts

Nation

Maratha Light Infantry Regimental Centre Celebrates 255th Raising Day

February 5, 2023
Nation

Delhi Court Restrains Shikhar Dhawan’s Estranged Wife From Defaming Him

February 5, 2023
Nation

ART, Surrogacy Bill Strive To Provide Better Medical Care: Mandaviya

February 5, 2023
Nation

Sunny Leone’s Fashion Show In Imphal Cancelled After Grenade Blast

February 4, 2023
Breaking News

Banshidhar Pratihari To Get Dharmapada Award

February 4, 2023
Nation

First Energy Transitions Working Group Meeting To Begin On Feb 5

February 4, 2023
Next Post

Bankrupt Sri Lanka's Dollar Reserves Drops To Below $50 Mn

Madrid Open: Zverev Begins His Title Defence With Win Over Cilic

Meta Faces Tougher Anti-Trust Regime In Germany For 5 Years

  • About Us
  • Feedback
  • RSS Feed
  • Privacy Policy
  • Disclaimer
  • Sitemap

© 2022 - Ommcom News. All Rights Reserved.

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2022 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist