Supreme Court Landmark Judgement on S.148 of IT Act (UOI vs Rajeev Bansal) Explained in Simple Words

This video is only for educational purpose for my Tax-Law Colleagues & Law Students.
The Supreme Court of India has delivered its verdict in the case of Union of India and Ors vs Rajeev Bansal regarding income tax reassessments under Section 148. The ruling clarifies the validity of reassessment notices and affects cases from multiple assessment years (AY), specifically from 2013-14 to 2017-18.
This decision will impact approximately 90,000 reassessment notices, as clarified by the court.
While deliberating over the instant appeals focusing over the interplay of the Income Tax Act 1961, the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA), and the Finance Act 2021; the Court had to consider the following issues:
1.Whether TOLA and notifications issued under it will also apply to reassessment notices issued after 1 April 2021?
2.Whether the reassessment notices issued under Section 148 of the new regime between July and September 2022 are valid?
The 3-Judge Bench of Dr DY Chandrachud, CJI, JB Pardiwala and Manoj Misra, JJ., held the following:
1. After 1-4-2021, the Income Tax Act has to be read along with the substituted provisions.
2. TOLA will continue to apply to the Income Tax Act after 1-4-2021 if any action or proceeding specified under the substituted provisions of the Income Tax Act falls for completion between 20-3-2020 and 31-3-2021.
3. Section 3(1) of TOLA overrides Section 149 of the Income Tax Act only to the extent of relaxing the time limit for issuance of a reassessment notice under Section 148.
4. TOLA will extend the time limit for the grant of sanction by the authority specified under Section 151. The test to determine whether TOLA will apply to Section 151 of the new regime is this: if the time limit of three years from the end of an assessment year falls between 20 March 2020 and 31 March 2021, then the specified authority under Section 151(i) has extended time till 30 June 2021 to grant approval.
5. In the case of Section 151 of the old regime, the test is: if the time limit of four years from the end of an assessment year falls between 20-3-2020 and 31-3-2021, then the specified authority under Section 151(2) has extended time till 31-3-2021 to grant approval;
6. The directions in Union of India v. Ashish Agarwal, (2023) 1 SCC 617 will extend to all the 90,000 reassessment notices issued under the old regime during the period 1-4-2021 and 30-6-2021;
7. The time during which the show cause notices were deemed to be stayed is from the date of issuance of the deemed notice between 1-4-2021 and 30-6-2021 till the supply of relevant information and material by the assessing officers to the assesses in terms of the directions issued by the Court in Ashish Agarwal (supra), and the period of two weeks allowed to the assesses to respond to the show cause notices; and
8. The assessing officers were required to issue the reassessment notice under Section 148 of the new regime within the time limit surviving under the Income Tax Act read with TOLA. All notices issued beyond the surviving period are time barred and liable to be set aside;
In this video we have tried to explain the conclusions of the judgement in simple words.
Share with your fellow tax practitioners lawyers & CA's.
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[@ahujadeepak11]

Great explanation breaking down the complex topic in a very easy to understand way.

[@NandaniChopra-uc3pt]

Wow. Such difficult topic in easy words. Thanks for clarifying. Great lawyer in making.

[@adv.-sj9fx]

My god. Very very nice mam. You r perfect in every side of law. Hats off to you. I didn't knew you practice tax side also. Kudos. Such simple explanation to such judgement.

[@gedelasasibhushanarao3863]

Very good briefing of implications of SC judgement with example.

[@artirai01]

Thank you Mam 🙏🙏

[@gauravagarwal7870]

Mam / Didi please make Regular Videos for Valuable Guidance 🙏

[@kavyamishra2899]

Thank you so much 🙏

[@chennajagadeeswararao1880]

nice explanation. can you please make calculator for checking validity of notice

[@rajputsvlogs92]

Nice ful information

[@hansrajahuja692]

A very deep analysis

[@savitamandal5930]

🙏🙏🙏🙏🙏🙏🙏

[@dhruvilshah723]

Any judgement on same topic?

[@VinodSuryavanshi-ry4mu]

🙏🙏🙏🙏🙏🙏🙏🙏

[@tt54416]

👍👍💪

[@Ashishrathore-iq1du]

बेस्ट लीगल। एडवाइस

[@shailendrarathod251]

Our God

[@govindagarwal4116]

Too good analysis. Madam if escaped income is less than 50 lakhs for the asst year 2013-14.notice came after 31st march 2021 .madam even then the case will open? Pl guide.🙏

[@fightforyourrightofficial]

Watch our another video on channel which is on this question only. (Answer to subscribers question on 148 notice)

[@trgupta26]

Good morning, Is notice of AY 2016-17 with escape income less than Rs 50 Lacs and Sanction authority is PCIT . Please confirm

[@fightforyourrightofficial]

We have answered your query in detailed video. You will find the video on channel in latest videos.