| Question And Answer | |
|---|---|
| Subject: | Impact of Decision of SC on reassessment proceedings started with notices issued under old act after 1.04.20211 |
| Category: | Income-Tax |
| Querist: | Manoj |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Reassessment, Reassessment notice, Supreme Court |
| Date: | May 5, 2022 |
SC holds reassessment notices issued under old regime deemed to be issued under S. 148A. Now what will be impact on :
a. On going proceedings where reassessement are not completed?
b. Where assessement are completed an assessee has filed an appeal before CIT A.
c. Assessee who are party to Writ Petition?
d. Whether review Petition can be filed before SC against this order which holds reassessment notices issued under old regime deemed to be issued under S. 148A.
Pl guide .
a. The procedure for pending assessments has been laid down by the Hon’ble Supreme Court in the case of UOI v. Ashish Agarwal [2022] 138 taxmann.com 64 (SC) at para 8 of the Judgement.
b. The Hon’ble Bombay High Court in the case of Sai Cylinders Private Limited v. ACIT WP No. 3555 of 2021 dated May 05, 2022 while giving effect to the decision of the Hon’ble Supreme Court’s order in the case of Ashish Agarwal (Supra) held that wherever assessment order has been passed those orders will stand quashed and set aside.
c. There is no difference between an assessee who filed a Writ Petition and who hasn’t.
d. Theoretically, yes, a review Petition can be filed before the Hon’ble Supreme Court against its order in the case of Ashish Agarwal (Supra). However, practically, it may not be allowed, as only a very few reviews are allowed.
a. The procedure for pending assessments has been laid down by the Hon’ble Supreme Court in the case of UOI v. Ashish Agarwal [2022] 138 taxmann.com 64 (SC) at para 8 of the Judgement.
b. The Hon’ble Bombay High Court in the case of Sai Cylinders Private Limited v. ACIT WP No. 3555 of 2021 dated May 05, 2022 while giving effect to the decision of the Hon’ble Supreme Court’s order in the case of Ashish Agarwal (Supra) held that wherever assessment order has been passed those orders will stand quashed and set aside.
c. There is no difference between an assessee who filed a Writ Petition and who hasn’t.
d. Theoretically, yes, a review Petition can be filed before the Hon’ble Supreme Court against its order in the case of Ashish Agarwal (Supra). However, practically, it may not be allowed, as only a very few reviews are allowed.
a. Ongoing proceeding will be governed under new regime of section 147 to 151 of the Act.
b. CIT(A) should be withdrawn with a request of Direction to the AO, for the implementation of order of Hon.Apex Court.
c.Party to writ have to wait for the information and material from the AO upto 30 days of the order date of Apex Court.
d. I THINK REVIEW OF THE ORDER IS NOT POSSIBLE.