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of <h1>Supreme Court Rules on Reassessment Notices Validity; New Show Cause Notices Under Income Tax Act Section 149.</h1> The Supreme Court's judgment on May 4, 2022, in Union of India v. Ashish Agarwal, addressed the validity of reassessment notices issued between April 1 and June 30, 2021, under the old Income Tax Act provisions. These notices are now considered show cause notices under the new law. The Central Board of Direct Taxes (CBDT) mandates a uniform implementation of this judgment, allowing reassessment notices to be issued under specific conditions based on the new section 149 of the Act. Assessing Officers must provide relevant information to taxpayers within 30 days, allowing them two weeks to respond. The procedure for issuing new notices and handling taxpayer responses is detailed, ensuring compliance with the Supreme Court's directives.
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