Supreme Court Clarifies Assessment Scope Under Section 153A of Income Tax Act Date of the Judgment: 24 April 2023 Citation: (2023) INSC 379 Judges: M.R. Shah, J. and Sudhanshu Dhulia, J. Can tax authorities reassess income for previous years based on materials found during a search, even if those years’ assessments were already completed? The […]
Supreme Court clarifies reassessment notice procedure under Income Tax Act LEGAL ISSUE: Procedure for issuing reassessment notices under the Income Tax Act, 1961 CASE TYPE: Tax Law Case Name: Union of India & Ors. vs. Ashish Agarwal Judgment Date: May 4, 2022 Date of the Judgment: May 4, 2022 Citation: (2022) INSC 426 Judges: M.R.
Supreme Court Upholds Reassessment Notice: M.R. Shah Logistics Case (2022) LEGAL ISSUE: Whether a reassessment notice under Section 147 of the Income Tax Act, 1961 can be issued based on tangible material indicating income has escaped assessment, even if the assessee claims the income was declared under the Income Declaration Scheme (IDS) by another entity.
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