SC overturns HCs, allows Income Tax department to reopen 90,000 cases LUBNA KABLY — Times of India

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.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. …Read More