Delhi High Court order on reassessment notices: What it means for businesses?

The Delhi High Court's order on Wednesday quashing reassessment notices issued under the old income tax regime on or after April 1, 2021, is a huge respite for the businesses, experts said, adding the ruling would give substantial cues to other High Courts in the country which are due to pronounce their judgements on similar petitions. The Delhi High Court was hearing over 1,300 writ petitions which had challenged the validity of the reassessment notices issued between April 1, 2021, and June 30, 2021, under the less business-friendly old tax laws . Taxmen had issued reassessment notices under old tax laws in the light of a government notification that had extended the timelines for reassessment due to the Covid-19 pandemic. But this notification came after the government had already amended the income tax laws through the Finance Act, 2021, under which taxmen cannot reopen cases and initiate assessment proceedings beyond three years; in the older tax regime, reassessments proceedings could not go beyond six years. Implications for businesses "The Delhi High Court has categorically held that any delegated notification cannot override the parent statute. It's a massive victory for taxpayers that all reassessment notices issued (under old tax regulation) between… Read full this story

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