Notice u/s 148 of Income Tax Act without following Modified Procedure under Finance Act, 2021 is invalid: Telangana HC sets aside Reassessment Notice [Read Order]

It was observed by the court that the impugned notices issued and the proceedings drawn by the respondent Department are neither tenable nor sustainable

The Telangana High Court observed that notice issued under section 148 of the Income Tax Act, 1961 without following the modified procedure under Finance Act 2021 is invalid and set aside the reassessment notice. The petitioner stated that in furtherance of Finance Act, 2021, the reassessment process stood modified but the respondents have not taken…

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