business ποΈ SC to decide on tax reassessment notices
The Supreme Court agreed to urgently hear the Centreβs challenge regarding reassessment notices under the Income-Tax Act. This dispute involves whether regular jurisdictional assessing officers can issue these notices or if the faceless assessment system must be used. The Punjab and Haryana High Court struck down Section 147A on September 10, declaring the provision unconstitutional. This situation creates a huge vacuum in the reassessment process for several taxpayers. The Supreme Court will decide if Section 147A can validate notices from regular officers. ποΈ