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Central Board of Direct Taxes (CBDT) has directed the field officials not to issue reassessment notices to persons whose income escaping assessment and represented for the assessment years (AY) from 2014-2016 is less than Rs 50 Lakh.
This action is taken in light of the recently issued Supreme Court order. By invoking its extraordinary powers under Article 142 upheld all the reassessment notices until March 31, 2021 that were issued by the income tax department reopening assessments that date back to six years. Based on this order, the CBDT had directed its officials.
CBDT directs its officials to not issue reassessment notices for AY 2014-2016
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