Modified Income Tax Reassessment Proceedings under Finance Act 2021 ignored while issuing Notice: Telangana HC sets aside Notice

In a recent decision, the Telangana High Court set aside an Income Tax reassessment notice issued by the authorities, emphasizing that modifications under the Finance Act 2021 were not considered. The court highlighted that the reassessment process should adhere to new provisions introduced by the Finance Act, which require proper consideration of amendments and modifications. The ruling underscores the necessity for tax authorities to comply with legislative changes while issuing reassessment notices, ensuring procedural correctness and adherence to legal standards.