Reassessment Beyond 10-Year Limit: HC Clarifies Scope of Finance Act, 2017 Amendments

A.R. Safiullah Vs ACIT (Madras High Court) Madras High Court, in the case of A.R. Safiullah Vs ACIT, addressed the validity of an income tax notice issued under Section 153A of the Income Tax Act, 1961. The petitioner, whose premises were searched on April 10, 2018, challenged the notice issued for Assessment Year (AY) 2009-10, arguing that it fell beyond the permissible period for reassessment. The central issue before the court was the interpretation of Explanation-I to Section 153A(1), which defines the “relevant assessment year” for issuing reassessment notices. The respondent, represe...