The Transitional Provisions, viz. the carry forward and setting off of losses under Section 536 (m), (n) of the 2025 Act, stand preserved and shall continue to have full force and effect as stipulated therein, until such proceedings are finally disposed of or dealt with in accordance with the framework of the 2025 Act. For instance, search and seizure proceedings that were initiated prior to April 1, 2026, continue to be governed by the 1961 Act, even if such proceedings result in assessments or litigation in subsequent years, such as 2027
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The Transitional Provisions, viz. the carry forward and setting off of losses under Section 536 (m), (n) of the 2025 Act, stand preserved and shall continue to have full force and effect as stipulated therein, until such proceedings are finally disposed of or dealt with in accordance with the framework of the 2025 Act. For instance, search and seizure proceedings that were initiated prior to April 1, 2026, continue to be governed by the 1961 Act, even if such proceedings result in assessments or litigation in subsequent years, such as 2027
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
