India: Guidance regarding notices issued under old reassessment regime (Supreme Court decision)

A Supreme Court decision concerning the reassessment regime

A Supreme Court decision concerning the reassessment regime

The Supreme Court held in the case of UOI v. Ashish Agarwal that a reassessment notice issued after 1 April 2021 under the old reassessment regime, and after such provisions were amended with effect from 1 April 2021, was deemed issued under the new reassessment regime. Read TaxNewsFlash

The Central Board of Direct Taxes (CBDT) has now issued an instruction providing directions for implementation of the decision of the Supreme Court. CBDT clarified that the decision is applicable to all the cases where extended reassessment notices have been issued. This is regardless of whether such notices were challenged.

Read a May 2022 report [PDF 554 KB] prepared by the KPMG member firm in India


The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.