| Question And Answer | |
|---|---|
| Subject: | Notice u/s 148A(b), Limitation period |
| Category: | Income-Tax |
| Querist: | B R Bhandari |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Limitation, Reassessment |
| Date: | August 18, 2022 |
Thanks for your response.
Specially with reference to section 149(b) of the Finance Act 2021 “Only if the AO has in possession books of account or other document or evidence which reveal that the income chargeable to tax represented in the form of an asset, which has escaped assessment amount to or is likely to exceed fifty lakh rupee or more.”
for the purpose of clause (b) of this sub-section asset shall include immovable property being land and building or both, shares and securities, loans and advances, deposit in bank account.
In our case Sale of share and corresponding exempted LTCG is not in the form of asset.
Kindly advise.
Your understanding is not incorrect. However, there is no judicial precedent to buttress your contention. The argument will be tested before the Courts in the next few years.