LECTURE MEETING ON LAW OF REASSESSMENT INCLUDING IMPACT OF SUPREME COURT JUDGEMENT

The law relating to Reassessment is an evergreen topic for discussions and debates. As we are aware that a higher threshold is prescribed in the Income Tax Act 1961 ( ITA) to select a case for reassessment. The Finance Act, 2021 proposed to change the regime of reassessment by Substituting Section 147, 148 and  149 and  introduced section 148A with effect from April 01, 2021. Many far reaching changes have been proposed in ITA which includes the concept of “recorded reasons” getting substituted with “Information”,  notice and order U/s 148A, modification of time limit to select a particular assessment year for reassessment etc.

Even before the new regime has started functioning, The Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020 permitted extension of the last date for issuance of Notice under section 148 of the Act, i.e., the erstwhile reassessment regime. CBDT vide Notification No. 20 of 2021 dated March 31, 2021, extended the period of limitation for issuance of Notice under section 148 of the Act to June 30, 2021. The battle between the Old Regime Vs New Regime started immediately. Various High Courts gave ruling in favour of the tax payer stating that the notices issued post 1st April 2021 without following the procedures U/s 148A are bad in law. Today, on 4th May 2022 Honourable Supreme Court has delivered a landmark judgment resolving the controversy in favour of the Tax department.

With a view to understand the intricacies of the judgment of the Honourable Supreme Court and also to understand the revised/new law on reassessment, Chamber of Tax Consultants has organised a Public lecture meeting – Law of Reassessment including  impact of Supreme court judgment on 7th May 2022 at 11 AM. Senior Adv. Ajay Vohra has agreed to guide the members at large on this complex topic.

The details of the meeting which will be held via Zoom are as follows:
 

After registering, you will receive a confirmation email containing information about joining the meeting. Then click on the link to join the meeting.

All are cordially invited to attend the meeting