SC stays high court order striking down provision on income tax reassessment process
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AI-generated summary of the coverage listed below: The Supreme Court has stayed a division bench of the Patna High Court that declared Section 147A of the Income Tax Act unconstitutional and set aside reassessment notices issued under it. The stay means the high court’s decision is temporarily suspended, allowing the tax department to continue using the provision while the Supreme Court reviews the case. The ruling is significant because it affects how the government can reassess taxpayers’ returns and could create a “huge vacuum” in the reassessment process. QUOTE: "huge vacuum" — Centre, as reported by Mint
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- Center (1): Mint