| Question And Answer | |
|---|---|
| Subject: | income tax 149 time limit reassesment |
| Category: | Income-Tax |
| Querist: | sagar khurana |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Limitation, Reassessment |
| Date: | August 13, 2023 |
Expenditure based- Time barred, Assessing officer can not open Income escaping assessment more than 50 lakh amended by finance act 2022 represented in the form of expenditure (as for ay 2018-2019, normal 3 years got expired on 31 march 2022 so it can not be amended by finance act 2022)
single transaction or transactions- Again Time barred (as for ay 2018-2019, normal 3 years got expired on 31 march 2022 and new finance act comes into affect on 1 April 2022 , so it can not be amended as its already expired)
The Department will compute the period of limitation factoring the Taxation and Other Laws (Relaxation of Certain Provisions) Act, 2020. By that argument, the period of limitation will be within three years. The issue is sub judice before the Hon’ble Supreme Court.
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