Income Tax: According to tax experts, the Supreme Court has upheld the department’s decision to send notices after March 31, 2021. This decision will have the effect of the order of the Supreme Court on more than 9000 cases.
Income Tax: There is an important news for taxpayers. Now cases related to three years old tax can be reopened. In fact, the Income Tax Department has got a big relief from the Supreme Court to reopen the old tax cases. According to tax experts, the Supreme Court has upheld the department’s decision to send notices after March 31, 2021.
The High Court had termed the notice wrong.
This decision of the Supreme Court is obviously a matter of relief for the Income Tax Department, but for a large number of taxpayers to whom the notice was sent, this news is not less than a shock. These notices were sent to such taxpayers between April 1, 2021 and June 2021. In many High Courts, where the Income Tax Department’s notice was challenged, those High Courts had termed the Income Tax Department’s notice as wrong. But now the Supreme Court has upheld the move of the Income Tax Department to send notices.
what was the matter
Actually the matter was that in the budget of 2021-22 which came, it was announced that the cases which are more than three years or more than three years old cannot be opened. That is, in a way, it was said to give relief to the taxpayers. But the Income Tax Department had sent notices to more than 1 lakh people for opening old cases between April 1 and June 30 in the same year.
In this notice, the taxpayers were told that the entire matter would be opened and investigated and then the Income Tax Department would take its action there. Tax experts say that there were more than 9000 such cases on which this order of the Supreme Court will now have an effect.
