Merely because the assessee has not paid tax as per the declaration , issue of reassessment notice is not valid . The assessee has to file the return under protest and ask for recorded reasons . After getting the recorded reasons the assessee may have to file an objection for the recorded reasons . Follow the law and procedure laid down by GKN Driveshafts ( India ) Ltd v. ITO ( 2003 ) 259 ITR 18 ( SC) , Allana Cold Storage Ltd v ITO ( 2006 ) 287 ITR 1 ( Bom) ( HC ), Asian Paint Ltd v .Dy .CIT ( 2009 ) 296 ITR 90 ( Bom ) ( HC) .
If the notice is issued u/s 148 after 1-4-2021 the assessee can challenge the notice as bad law and without jurisdiction Allahabad High Court in Ashok Kumar Agarwal & Ors v. UOI ( All ) ( HC) .www.itatonline .org , has held that The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021. Court also held that the decision of the learned Single Judge of the Chhattisgarh High Court in W.P. (T) No. 149 of 2021 Palak Khatuja Vs Union of India & Ors. , decided on 23.08.2021 does not lay down the correct law.
The writ petitions are filed before various High Courts . The Rajasthan High Court has decided the matter in favour of assessee. The order is awaited . The Delhi High Court the matters were heard and pending for orders .We have been informed that matters are pending before for final hearing before the Bombay High Court , Gujarat High Court Calcutta High Court and Karnataka High Court .