Six-Year Tax Assessment for Third Parties Begins on AO’s Receipt of Seized Materials: SC

CIT Vs Jasjit Singh (Supreme Court of India) Supreme Court Clarifies Income Tax Assessment Date for Third Parties The Supreme Court of India recently addressed a key dispute between the Income Tax Department (Revenue) and taxpayers regarding the starting point for income tax assessments under Sections 153A and 153C of the Income Tax Act, 1961. The case, CIT Vs. Jasjit Singh, consolidated several appeals from the Delhi High Court, all of which had previously sided with the taxpayers. The core issue revolved around the interpretation of the “six assessment years” period for which re...