In a recent judgment, the Supreme Court reinforced the legal sanctity of limitation statutes, emphasizing that delay in initiating legal proceedings—especially when parties are aware of the original transaction—cannot be condoned lightly.
Today, On 3rd October, the Supreme Court upheld the tax department’s position, confirming that updated Income Tax Act provisions from April 1, 2021, must be applied. This ruling affects approximately 90,000 reassessment notices issued during the pandemic, resolving conflicts between old and new laws and setting precedents for future tax disputes and limitations.
