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of <h1>Court Reviews Income Tax Reassessment u/s 148A, Upholds Taxpayer Rights Amid Fraudulent Credit Claims Dispute.</h1> The article examines a legal order concerning income tax proceedings, focusing on amended reassessment provisions under Section 148A of the Income Tax Act, 1961. A petitioner involved in trading faced an audit and subsequent proceedings due to alleged fraudulent Input Tax Credit claims. The petitioner contested the notice and order issued under Sections 148A(b) and 148(d), arguing procedural rights. The case emphasizes the Finance Act, 2021 amendments, which refine reassessment procedures to ensure substantive information before reassessment. The court highlighted the limited scope of inquiry under Section 148A(d) and reinforced taxpayer rights, including the right to object and seek information.
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