2024 (12) TMI 125 - SCH - Income Tax

Reopening of assessment - Legality of the order passed u/s 148A(d) and notice u/s 148 - Writ Court interference at the stage of notice u/s 148 when the assessment/reassessment is pending u/s 147 of the Act - scope of notices issued under Section 148 of the new regime between July and September 2022 - Application of TOLA to the Income Tax Act after 1 April 2021 - as decided by HC 2022 (6) TMI 1500 - PUNJAB AND HARYANA HIGH COURT where the proceedings have not even been concluded by the statutory authority, the writ Court should not interfere at such a pre-mature stage - there is no reason to warrant interference by this Court in exercise of the jurisdiction under Article 226/227 of the Constitution of India at this intermediate stage when the proceedings initiated are yet to be concluded by a statutory authority - HELD THAT - The issue involved in this Special Leave Petition is squarely covered by the Judgment of this Court rendered in Union of India Ors. vs. Rajeev Bansal 2024 (10) TMI 264 - SUPREME COURT (LB) The petition filed by the assessee is disposed of. The assessee will be governed by reasons discussed in the said Judgment. AO will dispose of the objections in terms of the law laid down by this Court. Thereafter, the assessee who is aggrieved will be at liberty to pursue all the rights and remedies in accordance with law, save and except for the issues which have been concluded in the Judgment.

Summary

The Supreme Court allowed the Exemption Application in a case where the issue was covered by a previous judgment. The petition filed by the assessee was disposed of, and the assessing officers were directed to dispose of objections in line with the law laid down by the Court. Pending applications were also disposed of.