https://www.taxtmi.com/caselaws?id=764753 The court invalidated the reopening of assessment under Section 148A(d) of the Income Tax Act, as procedural requirements of the new regime were not met, following the Supreme Court's directive that notices issued after the Finance Act, 2021, should be treated under Section 148A(b). Additionally, the court upheld the petitioner's entitlement to a deduction under Section 80P(2)(d) for interest income from a cooperative bank, aligning with established precedents. Consequently, the notice dated 22.07.2022 was set aside, and the deduction was deemed valid. en-us Mon, 23 Dec 2024 00:00:00 +0530 Thu, 16 Jan 2025 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764753 The court invalidated the reopening of assessment under Section 148A(d) of the Income Tax Act, as procedural requirements of the new regime were not met, following the Supreme Court's directive that notices issued after the Finance Act, 2021, should be treated under Section 148A(b). Additionally, the court upheld the petitioner's entitlement to a deduction under Section 80P(2)(d) for interest income from a cooperative bank, aligning with established precedents. Consequently, the notice dated 22.07.2022 was set aside, and the deduction was deemed valid. Case-Laws Income Tax Mon, 23 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764753