SC Quashes AY 15-16 Income Tax Reassessment Notices Post 1st April 2021

Deepak Steel And Power Limited Vs Central Board of Direct Taxes & Ors. (Supreme Court of India) Supreme Court of India has nullified income tax reassessment notices issued to Deepak Steel And Power Limited for Assessment Year (AY) 2015-16. The notices, dated June 25, 2021, were challenged after the Orissa High Court declined to entertain writ petitions against them, suggesting the petitioner raise grounds at a later stage, referencing previous High Court orders. The Supreme Court, hearing the company’s appeals against the High Court’s decision, noted a crucial concession made b...