In a significant ruling clarifying the finality of tax settlements under Chapter XIX-A of the Income Tax Act, 1961, the Supreme Court of India has held that an Assessing Officer has no statutory jurisdiction to issue a reassessment notice under Section 148 in respect of an assessment year finalized by the Income Tax Settlement Commission.
Assessing Officer Lacks Jurisdiction Under Section 148 To Reopen Assessment Concluded By Settlement Commission: Supreme Court
