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

 

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