Now Reading: Supreme Court to hear I-T reassessment notice validity on Friday
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Supreme Court to hear I-T reassessment notice validity on Friday
The Supreme Court on Wednesday agreed to urgently hear the Centre's challenge to a Punjab and Haryana High Court ruling that struck down Section 147A of the Income-Tax Act, a provision allowing…
The Supreme Court on Wednesday agreed to urgently hear the Centre's challenge to a Punjab and Haryana High Court ruling that struck down Section 147A of the Income-Tax Act, a provision allowing regular assessing officers to issue reassessment notices under the faceless system. The government argued the ruling created a 'huge vacuum'. The bench led by Chief Justice Surya Kant listed the plea for Friday.
In a separate ruling, the Supreme Court held that once the Income Tax Settlement Commission passes a final order, the assessing officer cannot reopen the assessment. The court dismissed the Revenue's appeal against the quashing of reassessment proceedings against Omaxe Limited. Separately, the Mumbai Income Tax Appellate Tribunal quashed a reassessment notice against a taxpayer for bitcoin sales worth Rs 1.24 crore, ruling that the approval was obtained from the wrong authority under Section 151(ii).
Indian Opinion Analysis
All three sources report neutral factual coverage of distinct court rulings, so no framing divergence exists on this story. The real import is procedural: the Omaxe ruling bars reassessment after settlement commission finality, while the Section 147A constitutional challenge undercuts the government's attempt to retroactively validate notices from regular officers. The Mumbai ITAT's bitcoin decision adds a third layer: strict approval hierarchy under Section 151. Together, these rulings impose mounting procedural constraints on tax reassessments, shifting the balance toward taxpayer protections and away from the revenue's flexibility. The Supreme Court's Friday hearing on Section 147A will determine whether Parliament can override court findings by retrospective amendment.
Coverage: 3 sources, 3 neutral
Sources (3): livemint.com (neutral report), livelaw.in (neutral report), livemint.com (2) (neutral report)
This brief was synthesised by AI from the 3 sources linked above, so one read covers every framing they carry.
Updated: this story now draws on 3 sources.
