SC uphelds validity of the notices issued under s. 148 after 31st March 2021
The Supreme Court has upheld the validity of the reassessment notices issued after 31st March 2021 by the Income Tax Department. Earlier, the Delhi, Rajasthan & Allahabad High Court had quashed these notices which were issued & decided in favour of taxpayers. The impugned 148 notice issued shall now be deemed to be received under s. 148A.
This decision comes as a major setback to taxpayers and is a relief to the Department. Owing to this judgement, the taxpayers to whom such notices have been received will have to gear up for the re-assessment proceedings.