HC strikes down retrospective tax law amendment; over 2 lakh taxpayers get relief, all eyes on Supreme Court

The high court's recent ruling has dealt a significant blow to a controversial retrospective tax law, impacting around two lakh taxpayers. By labeling Section 147A of the Income Tax Act unconstitutional, the court dismantled the governments rationale for reassessing prior tax filings. Taxpayers had previously challenged these reassessment notifications. Following this, the Supreme Court will evaluate the implications of this crucial amendment.

Raccontata daeconomictimes.indiatimes.com