The Hon'ble Supreme Court, vide its judgment dated
04.05.2022 (2022 SCC Online SC 543), in the case of Union of India v. Ashish
Agarwal has adjudicated on the validity of the issue of reassessment notices
issued by the Assessing Officers during the period beginning on 1st April 2021
and ending with 30th June 2021, within the time extended by the Taxation and
Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and
various notifications issued thereunder (these reassessment notices hereinafter
referred to as "extended re-assessment notices").
This ruling of the Hon’ble Supreme Court has
created a lot of confusion and chaos as to what will be the fate of these
assessments in the case of 90,000 Assessee’s who have been issued such extended re-assessment notices.
Ms. Ananya Kapoor in collaboration with The Virtual
Amicus has nicely explained the landmark judgement/verdict delivered by the
Hon'ble Supreme Court of India in simple layman's language.
Ms. Ananya Kapoor, Advocate (Taxation), Chambers of
Salil Kapoor, New Delhi is a leading Tax Attorney and Expert and a known name in the field
of tax-related Litigation. A graduate from the University of Oxford, UK, a
visiting faculty at NALSAR, Hyderabad and an adjunct Professor at The Jindal
Global Law School, she has a vast multitude of knowledge to share.
Professionally she is practicing at the Supreme
Court of India, Delhi High Court and the Income Tax Appellate Tribunal, New
Delhi. She also appears in High Courts and ITAT in other cities, such as
Mumbai, Hyderabad, Chandigarh, Jaipur, Bangalore, Calcutta, Cochin, Chennai and
Amritsar, representing MNCs, group companies, individuals, trusts, societies
and associations and leading business houses. Apart from High Court and ITAT,
Ananya also has extensive experience in terms of submissions and arguments
before the CIT and DRP.
Ms. Kapoor very amicably uses these four words to
describe the whole situation - “OPERATION SUCCESSFUL, PATIENT DEAD”.
She has very gracefully agreed to share with us the recording of a session conducted on the captioned subject and we are more than glad to share it with you.
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