In the judgment of the Supreme Court in Salem Bar Association v. Union of India, the Supreme Court had requested this committee headed by to prepare a case management formula.
Explanation & Strategy
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Under income tax law, 'previous year' is the financial year in which income is earned. 'Assessment year' is the following year in which that income is assessed and taxed. Income of PY 2023-24 is assessed in AY 2024-25.