No notice for AY14 to AY16 if untaxed amount less than Rs 50 lakh: CBDT’s instructions to field officials

The CBDT late Wednesday issued a detailed set of instructions to field officials in the light of the recent Supreme Court order. The apex court had invoked its extraordinary powers under Article 142 of the Constitution to uphold all reassessment notices issued after March 31, 2021, by the income-tax department reopening assessments going back six years.