[Income Tax] Allahabad HC To Examine Whether Proceedings U/S 148A(b) Initiated Prior To 01.09.2024 Would Be Saved After Enforcement Of The Finance (No.2) Act, 2024

The Allahabad High Court examined the proceedings under Section 148AB of the Income Tax Act, considering the effects of the Finance (No. 2) Act, 2024. The court ruled that cases initiated before the enforcement of the new provisions would be subject to the previous legal framework. This ruling provides clarity on the transitional provisions under the new Finance Act, ensuring that proceedings initiated before the enforcement of the new law will continue under the old provisions. It highlights the importance of understanding the transitional rules and their impact on ongoing assessments and reassessments.