SC overturns HCs, allows Income Tax department to reopen 90,000 cases

The Supreme Court upheld the validity of nearly 90,000 reassessment notices issued post-April 1, 2021, under old I-T provisions. This decision impacts assessments from 2013-14 to 2017-18, involving substantial sums. Courts had previously quashed such notices, but SC ruled the old provisions with TOLA time extensions are applicable.