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of <h1>Notices under sections 148/148A quashed; reassessment governed by earlier precedent; assessing officer to decide objections per law</h1> Supreme Court quashed notices issued under sections 148/148A and set aside impugned orders, holding the matters governed by this Court's earlier judgment ... Validity of reopening of assessment - Time limit for notice - period of limitation to issue notice - validity of a notice issued u/s 148/148A - scope of Taxation and other laws (Relaxation and Amendment of certain provisions) Act, 2020 (TOLA) application - provisions of the new reassessment law introduced by the Finance Act, 2021 - As decided by HC [2024 (1) TMI 1489 - BOMBAY HIGH COURT] impugned orders passed u/s 148 (A) of the Income Tax Act, 1961 and the notices issued u/s 148 of the Act in the respective petitions are hereby quashed and set aside. HELD THAT:- These Special Leave Petitions are squarely covered by the Judgment of this Court rendered on 3-10-2024 in “Union of India & Ors. vs. Rajeev Bansal” [2024 (10) TMI 264 - SUPREME COURT (LB)] Petitions filed by the Revenue are disposed of. The assessee will be governed by reasons discussed in the said Judgment. AO will dispose of the objections in terms of the law laid down by this Court. Thereafter, the assessee who is aggrieved will be at liberty to pursue all the rights and remedies in accordance with law, save and except for the issues which have been concluded in the Judgment. Pending applications, if any, also stand disposed of. Delay condoned; exemption applications allowed. Special Leave Petitions by the Revenue are held to be 'squarely covered by the Judgment of this Court rendered on 3-10-2024 in 'Union of India & Ors. vs. Rajeev Bansal' (Civil Appeal No.8629/2024 etc.) 2024 (11) Scale 473.' Consequently, the petitions are disposed of and 'the assessee will be governed by reasons discussed in the said Judgment.' Assessing officers are directed to dispose of objections 'in terms of the law laid down by this Court.' Thereafter, an aggrieved assessee is at liberty to pursue 'all the rights and remedies in accordance with law, save and except for the issues which have been concluded in the Judgment.' Pending applications, if any, stand disposed of.
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