Supreme Court upholds reassessment notice in tax case
In short
The Supreme Court upheld a reassessment notice in a tax case. The summary says the escaped income was Rs. 31.80 lakh in AY 2018-19, and alleged bogus purchases across two years were Rs. 88.03 lakh.
This matters because the tax department can continue the reassessment. The full facts of the dispute and the court’s reasoning are not stated in the available reporting.
What the reporting says
The Supreme Court upheld a reassessment notice under section 148 in a case where escaped income was Rs. 31.80 lakh in AY 2018-19, and alleged bogus purchases across two years totalled Rs. 88.03 lakh. The Taxscan summary says the court also allowed aggregation of escaped income across multiple assessment years under section 149(1A). The immediate effect is that the reassessment stands, while the underlying tax dispute details are not fully stated.
Why it matters
The Supreme Court upheld a reassessment notice under section 148 in a case involving escaped income of Rs. 31.80 lakh in AY 2018-19, with alleged bogus purchases across two years totalling Rs. 88.03 lakh. The summary says the court permitted aggregation of escaped income across multiple assessment years under section 149(1A). That keeps the reassessment alive, but the parties and full reasoning are not stated in the supplied material.