Monday, May 16, 2022
HomeIndiaIncome Tax Act Section 148: Supreme Court upholds 90 thousand notices of...

Income Tax Act Section 148: Supreme Court upholds 90 thousand notices of Income Tax Department valid, what is section 148 of Income Tax Act? understand


Mumbai: If you are also a taxpayer then there is a big news for you. Now three years old tax cases can be reopened. Regarding this to the Income Tax Department Supreme court Got a big relief. Supreme court (Supreme Court) after 31st March 2021 unamended section 148 (Income Tax Act The notice sent under section 148) has been upheld. After April 1, 2021, about 90 thousand reassessment notices were issued by the Income Tax Department.

After the decision of the Supreme Court, it is now clear that the Income Tax Department has got relief, but there is a matter of concern for the one who has got the notice. These notices were sent between April 1, 2021 and June 2021. This notice was also challenged in the Allahabad, Bombay, Calcutta, Delhi and Rajasthan High Courts, which were termed as wrong by all the High Courts. At the same time, when the matter reached the Supreme Court, all these notices of the Income Tax Department have been right there.

What is the matter after all?
In the budget for 2021-22, it was said that cases older than 3 or more than 3 years cannot be opened. It simply means that this announcement was beneficial for many such taxpayers who got the notice. Explain that the Income Tax Department had sent notices to about 1 lakh people between April 1 and June 30 to open old cases. Under the notice, the cases were to be opened and investigated, after which action would be taken.

What is section 148?
Under Section 148 of the Income Tax Act, the Income Tax Officer has been permitted to reopen the old tax assessment. If he feels that some income has been concealed in any case, then he can investigate by opening old cases. Section 148A was brought in by the Finance Act 2021, which started giving better protection to the interests of the taxpayers while doing away with the old section. Under this, the Income Tax Officer will have to take permission from the senior officers before issuing the notice of reassessment. At the same time, it gave the convenience to the taxpayers that they would be heard first and the Income Tax Officer would have to look into the reply received from the taxpayer.

Income Tax Raid: Which property cannot be seized in Income Tax Raid


Html code here! Replace this with any non empty raw html code and that's it.


Most Popular