Supreme Court has exercised its power under Article 142 of the Constitution of India by holding that the present order shall govern the order passed by the various high court i.e., PAN INDIA.
Key takeaways from the order : –
Notices issued under unamended section 148 of the IT Act shall be deemed to have been issued under section 148A of the IT Act as amended by Finance Act, 2022.
AO shall within 30 days from the date of order provide to the assessees information and material relied upon by the revenue, so that assessee can reply to SCN within 2 weeks.
Requirement to conduct enquiry, with the prior approval under section 148A(a) is dispensed off as a one time measure.
AO shall thereafter pass an order under section 148A(d) in respect of each of the concerned assessees.
All defences available to the assessees including those available under section 149 of the IT Act, shall continue to be available.
Download SC-2022-Section 148 notices