Income tax reassessment notices under erstwhile Section 148 - Recent Supreme Court judgment and the way forward

The Supreme Court in its recent judgment of Union of India v. Ashish Agarwal [Civil Appeal No 3005/2022, decision dated 4 May 2022], has sought to strike a balance between the amendments made by the Finance Act, 2021 to the scheme of re-assessment, and the extension of period of limitation by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020.

The judgment brings to life close to 90,000 Income-tax notices, which would otherwise have been barred by limitation.  The interpretation of provisions of limitation based on bona fide belief by the Revenue Authorities, and exercise of powers under Article 142 of the Constitution of India, though solves many hurdles, it throws open many questions on understanding the consequences.

Lakshmikumaran & Sridharan Attorneys (‘LKS’), is organizing a webinar on 6 May 2022 (Friday) between 4 PM and 5PM, for an in-depth understanding of the judgment, the immediate implications of the judgment, the defences still available with the tax payers, and the precedential value on other provisions relating to limitation.

Mr. V. Lakshmikumaran, Managing Partner, LKS, along with his team will be addressing the audience virtually during the webinar. The team will also be taking questions from the audience on various issues that may arise as part of the deliberations.