Quick Summary
In a landmark decision, the Supreme Court ruled on Thursday that the Income Tax Act must be interpreted with the amended provisions effective from 1st April 2021. This ruling directly impacts approximately 90,000 reassessment notices, clarifying that the amendments introduced by the Taxation and Oth
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FAQ :
The Supreme Court ruled that the Income Tax Act must be interpreted using the amended provisions that came into effect on 1st April 2021.
Approximately 90,000 reassessment notices are directly impacted by this Supreme Court decision.
The Supreme Court set aside rulings from the Gujarat, Allahabad, Bombay, Orissa, and Delhi High Courts, including specific cases like the Gujarat High Court's ruling in ITO Surat and the Rajeev Bansal judgment by Allahabad HC.
The legal disputes began during the pandemic when the government extended regulations for reopening old tax assessments, causing confusion between old and new tax laws.
This ruling is considered a major win for the tax department, strengthening its position in reassessment matters and expected to streamline tax litigation.
The ruling addresses the extent of executive powers to extend limitations via executive orders, even after new legislation has been enacted.
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