|Question And Answer|
|Subject:||Search and reopening of assessment|
|Answered by:||Research Team|
|Tags:||Reassessment, Search cases|
|Date:||April 18, 2023|
Search u/sec. 132 of the Act is carried out in the month of Jan 2023 and incriminating documents are found for the FY 2010-11 to Jan 23 are found. How many years of assessment will be re opened for 6 years or 10 years proceedings the year of search 22- 23.
The time period for reopening of assessment has been reduced from six years period earlier to three years period as per the amended provisions, in cases where income escaping assessment amounts to Rs 50 lakhs or likely to amount to Rs 50 lakhs and above the case can be reopened up to 10 years . As per section 149(IA) the notice under section 148 can be issued for each such assessment year , where any income chargeable to tax represented in the form on an asset or expenditure in relation to an event or occasion and amount of Rs 50 lakhs or more escaped assessment in relation to such an event or occasion has been incurred in more than one previous year relevant to 10 preceding assessment years .