TOLA Extends Income Tax Reasssment Timelimit; Notices Can Be Issued After 2021 Under Old Regime : Supreme Court

The Supreme Court extended the time limit for reassessing income tax under the Taxation and Other Laws (Relaxation of Certain Provisions) Act (TOLA), allowing the Revenue's appeals to proceed. The court held that the timeline extension under TOLA was valid and that reopening reassessments in this context was justified. This ruling is critical for taxpayers and authorities alike, as it sets clear boundaries for reassessment timeframes and ensures that tax cases are not dismissed due to procedural delays.