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of <h1>Supreme Court Clarifies Scope of Sections 153A/153C in Income Tax Act; New Guidance for Reopening Assessments Issued.</h1> The Supreme Court's judgment in the case involving the Principal Commissioner of Income Tax and Abhisar Buildwell Pvt. Ltd. clarified the scope of sections 153A/153C of the Income-tax Act, 1961. The Central Board of Direct Taxes has issued instructions for implementing this judgment uniformly. It allows Assessing Officers to reopen completed/unabated assessments under sections 147/148 if no incriminating material is found during searches. The Board outlined actions for pending and completed assessments, emphasizing the need for tax certainty and compliance with legal procedures. The instructions also include timelines for initiating proceedings and filing applications for cases affected by the judgment.
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