Rajeev Bansal Rulling Applies: SC Dismisses Revenue Appeal on Income Tax Reassessment Notices

ITO & Ors. Vs Bharat Jayantilal Soni (Supreme Court of India) The Supreme Court dismissed the Revenue’s Special Leave Petitions after holding that the issues were squarely covered by its earlier judgment dated 3 October 2024 in Union of India vs. Rajeev Bansal. The Court clarified that the assessees would be governed by the reasons and conclusions laid down in that decision. It directed assessing officers to dispose of objections strictly in accordance with the law declared by the Court, while preserving the assessees’ right to pursue available remedies, except on issues already conclu...