Allahabad HC quashes reassessment notice issued under old regime; unconvinced with view’s of Chhattisgarh HC

INCOME TAX : Where Assessing Officer initiated reassessment proceedings upon issue of notices under section 148 after date 1-4-2021, since by virtue of section 1(2)(a) of Finance Act, 2021, provisions of sections 147, 148, 149 and 151 as existed upto 31-3-2021, stood substituted along with new provisions enacted by was of section 148A, and in absence of any saving clause, to save pre-exisiting provisions,

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