TaxTMI 
TaxTMI 
TaxTMI Home / 
Income tax reassessment for AY2015-16 based on post-2021 s.148 notice; notice and resulting assessment, demand, penalties quashed
X X X X Extracts X X X X
X X X X Extracts X X X X
....Reopening for A.Y. 2015-16 was challenged on the ground that a notice under s.148 issued after 1 April 2021 was impermissible under the post-Finance Act 2021 regime and the Revenue's own concession before the SC that such notices must be dropped. Applying that concession, and noting that the impugned s.148 notice was dated 23 April 2022, the reopening lacked legal basis; consequently, the s.148 notice and all consequential proceedings, including the assessment order, demand, penalty actions, and recovery steps, were quashed and set aside. - HC....