Telangana HC sets aside Reassessment Notice Issued u/s 148 of Income Tax Act without following modified Procedure under Finance Act, 2021 [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
Telangana High Court - Income tax - Income tax act - Reassessment notice - Finance Act - TAXSCAN

The Telangana High Court Set aside there assessment notice issued under section 148 of the Income Tax Act,1961 without following the modified procedure under Finance Act, 2021. The petitioner stated that in furtherance of the Finance Act, 2021, the reassessment process stood modified but the respondents have not taken care of it and therefore notices…

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