Tax Notices Stand Despite Rule Change, India Supreme Court Says

Around 90,000 notices served by the Indian tax authority under a set of old reassessment rules are valid and can be reopened, the country’s Supreme Court ruled Thursday.

The verdict allows the tax department to reopen returns for reassessment notices it sent between April 1, 2021 and June 30, 2021, where the department suspected some earnings escaped taxation.

The apex court also set aside other lower court rulings that had quashed the reassessment notices to taxpayers, such as Siemens Financial Services Pvt. and J M Financial and Investment Consultancy Services Pvt. Ltd.

Spokespeople for Siemens Financial ...