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of <h1>Revenue petitions dismissed; taxpayer bound by earlier binding judgment; assessing officer to decide objections per law; remedies preserved</h1> <h3>Income Tax Officer & Ors. Versus Sethia Infrastructure Pvt. Ltd.</h3> Petitions by the revenue were dismissed and the taxpayer will be governed by the reasons in this Court's earlier SC judgment. The assessing officer must ... Reopening of assessment u/s 147 - Time limit for notice - period of limitation to issue notice - validity of a notice issued under Section 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 - HELD THAT:- Special Leave Petitions are covered by the Judgment of this Court 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. 'Delay condoned.' These Special Leave Petitions are held to be covered by the Judgment 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 filed by the Revenue are disposed of and 'the assessee will be governed by reasons discussed in the said Judgment.' Assessing officers are directed to dispose of the objections 'in terms of the law laid down by this Court.' After disposal, any assessee who is aggrieved is at liberty to pursue 'all the rights and remedies in accordance with law,' subject to the caveat 'save and except for the issues which have been concluded in the Judgment.' Pending application(s), if any, stands disposed of.
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