Union Of India vs Rajeev Bansal

The Supreme Court addressed the interplay between the Income Tax Act, 1961, the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA), and the Finance Act, 2021, particularly focusing on Sections 147 to 151 of the Income Tax Act concerning reassessment procedures. The Court held that TOLA extends the time limits for reassessment notices issued under the Income Tax Act, thereby allowing for reassessment under the amended provisions effective from 1 April 2021. The judgment clarified the legal framework governing reassessment and the applicability of TOLA in the context of the COVID-19 pandemic, affirming the validity of notices issued during the specified period.