TOLA overrides Income Tax Act on relaxing time for reassessment notices: Supreme Court

The Supreme Court has ruled that the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA) overrides the Income Tax Act in the context of time limits for issuing reassessment notices. The judgment allows for a relaxation in deadlines due to the COVID-19 pandemic, even when reassessment notices would have been considered invalid under the standard provisions of the Income Tax Act. This ruling provides relief for tax authorities dealing with reassessment cases delayed by the pandemic.