https://www.taxtmi.com/highlights?id=76303 Validity of reassessment proceedings - scope of new regime u/s 148A - The High Court found that the respondents misinterpreted the Supreme Court's directive in Union of India & Ors. vs. Ashish Agarwal. The directive was not to reopen completed assessments but to treat notices issued post-April 1, 2021, under the unamended provisions as if they were issued under the new provisions of Section 148A. - The Court underscored that the procedural safeguards introduced by the Finance Act, 2021, through Section 148A were aimed at protecting the assessee's rights. - Consequently, the Court quashed the impugned SCN issued u/s 148A(b), the order u/s 148A(d), and the notice u/s 148. en-us Wed, 03 Apr 2024 09:08:02 +0530 Wed, 03 Apr 2024 09:08:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76303 Validity of reassessment proceedings - scope of new regime u/s 148A - The High Court found that the respondents misinterpreted the Supreme Court's directive in Union of India & Ors. vs. Ashish Agarwal. The directive was not to reopen completed assessments but to treat notices issued post-April 1, 2021, under the unamended provisions as if they were issued under the new provisions of Section 148A. - The Court underscored that the procedural safeguards introduced by the Finance Act, 2021, through Section 148A were aimed at protecting the assessee's rights. - Consequently, the Court quashed the impugned SCN issued u/s 148A(b), the order u/s 148A(d), and the notice u/s 148. Highlights Income Tax Wed, 03 Apr 2024 09:08:02 +0530 https://www.taxtmi.com/highlights?id=76303