Delhi HC Sets aside Reassessment Notice issued against CPI(M) after 31.03.2021 without following Procedure u/s 148A of Income Tax Act

The Delhi High Court has set aside a reassessment notice issued against the Communist Party of India (Marxist) (CPIM) after March 31, 2021, without following the procedure under Section 148A of the Income Tax Act. The court emphasized that for notices issued post-March 31, 2021, the new procedure involving an inquiry, opportunity of hearing, and a reasoned order is mandatory before issuing a Section 148 notice. This ruling reinforces the importance of procedural compliance by tax authorities in reassessment proceedings, safeguarding taxpayers' rights and ensuring due process.