Several individuals and firms have filed petitions in various courts challenging the tax notices issued during the April-June period. The law was amended earlier in the year, and allowed tax assessments to be ordinarily reopened only to three years. However, the income-tax department extended the validity of the old law till June 30, which allowed reopening of assessments up to six years and issuance of tax notices to a large number of assessees. The government is also reportedly exploring the option of bringing in an Ordinance if courts rule against the validity of notices issued by the income-tax department. The government will be well advised to avoid any such step as it would go against the basic spirit of amending the law and reforming the tax administration, argues our lead editorial. Read here
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First Published: Fri, July 23 2021. 06:42 IST