Supreme Court Discusses Reopening Assessments: Balancing Revenue and Taxpayer Rights u/ss 147 and 148A.

Reopening of assessment u/s 147 - Scope of new provision section 148A - Validation of notices after quashed by various High Courts - if the aforesaid order is passed, it will strike a balance between the rights of the Revenue as well as the respective assesses as because of a bonafide belief of the officers of the Revenue in issuing approximately 90000 such notices, the Revenue may not suffer as ultimately it is the public exchequer which would suffer. - SC .....

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