Allahabad HC quashes Reassessment proceedings u/s 148 of the Income tax Act initiated from April 01, 2021

Last updated: 09 October 2021

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Quick Summary

The Allahabad High Court has ruled that reassessment proceedings under Section 148 of the Income Tax Act, initiated from April 1, 2021, are invalid. This decision stems from amendments made by the Finance Act, 2021, which implicitly limited the scope of reassessment procedures and time extensions to those initiated before March 31, 2021. Consequently, notices issued after this date for reassessment were deemed inapplicable.

Court :
Allahabad High Court

Brief :
In Ashok Kumar Agarwal v. Union of India [WRIT TAX No. - 524 of 2021 dated September 30, 2021], Ashok Kumar Agarwal ("the Petitioner") had filed a Petition to challenge the initiation of re-assessment proceedings under Section 148 of the Income Tax Act, 1961 ("the IT Act") for different Assessment Years ("AYs").

Citation :
WRIT TAX No. - 524 of 2021 dated September 30, 2021

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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Judgement posted by

Bimal Jain

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FCA, FCS LLB with21 Yrs of Experience inTaxation Indirect and Direct: Education Qualification: B.Com (Hons) Chartered Accountants Company Secretary LLB Qualified SAP FI/CO Consultants Professional Membership: Chairmanof Indirect Tax Committee of PHD Chamber of Commerce Member of Indirec ... Read more

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