Supreme Court Ruling and CBDT Instructions in respect of reassessment controversy
Brief Background and facts of the case
• The Finance Act, 2021 introduced certain revolutionary amendments in the procedure governing reassessment proceedings under the Income-tax Act, 1961 (‘the Act’) with effect from 1 April 2021.
• In the wake of Covid-19, the Parliament enacted the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (‘TOLA, 2020’) to relax the timelines for various compliances under various laws including under the Act.
