Revenue Audit Objection Can Reopen Assessment (From 01.04.2022): Kerala HC

Sree Narayana Guru Memorial Educational And Cultural Trust Vs ACIT (Kerala High Court) In a landmark judgment that has significant implications for income tax assessments in India, the Kerala High Court has ruled that revenue audit objections can indeed form a valid basis for reopening income tax assessments post-April 1, 2022. The case in question, Sree Narayana Guru Memorial Educational And Cultural Trust Vs. ACIT, delves into the nuances of the Income Tax Act, 1961, especially focusing on the amendments to Section 148. The Case Background The petitioner, a trust registered under Section 12A...