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of <h1>Supreme Court Directs Tax Cases Under Rs.50 Lakh to Follow Rajeev Bansal Precedent; Assessees May Seek Further Remedies.</h1> <h3>THE INCOME TAX OFFICER Petitioner (s) Versus VINAL COMTRADE PVT. LTD.</h3> THE INCOME TAX OFFICER Petitioner (s) Versus VINAL COMTRADE PVT. LTD. - TMI The Supreme Court, presided by Hon'ble Justices J.B. Pardiwala and R. Mahadevan, addressed several Special Leave Petitions (SLPs) with a primary focus on the case 'Union of India & Ors. vs. Rajeev Bansal' (Civil Appeal No. 8629/2024). The Court noted that the issues in these SLPs are covered by the aforementioned judgment, thus disposing of the petitions filed by the Revenue. It was ordered that assessing officers should resolve objections in accordance with the established law, allowing aggrieved assessees to pursue further legal remedies except on concluded issues.In SLP(C) No. 28036/2024, the High Court's reliance on the Rajeev Bansal case was highlighted, particularly regarding cases with a tax liability below Rs.50 lakh, which should be dropped. The petitioner, represented by Ms. Akriti Ahuja, argued that their case falls under this category. The Court instructed that the petitioner should inform the assessing officer of this fact for verification and potential dismissal of proceedings. The petition was disposed of, with provisions for the petitioner to return to the Court if further issues arise. Pending applications were also disposed of.
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