| Question And Answer | |
|---|---|
| Subject: | Barred by limitation or not? |
| Category: | Income-Tax |
| Querist: | Sakshi |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Limitation, Notice, Reassessment |
| Date: | April 1, 2023 |
The notice us 148 of I.T Act , aswellas , notice u/s 148A(b) of Income tax Act has been issued on 08.04.22 for the first time as the assessee has deposited more than 50 Lakhs in financial year 2014-15 .My Querry is that whether the notice issued is barred by limitation or well with in the time?
Is the Notice issued pursuant to the decision of the Hon’ble Supreme Court in the case of Ashish Agarwal. Mostly, it should be so. The Hon’ble Allahabad High Court and Gujarat High Court have held the same as time-barred whereas the Hon’ble Delhi High Court has held it within time.
Disclaimer: This article is only for general information and is not intended to provide legal advice. Readers desiring legal advice should consult with an experienced professional to understand the current law and how it may apply to the facts of their case. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this article nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org