| Question And Answer | |
|---|---|
| Subject: | Section 148A of Income Tax Act |
| Category: | Income-Tax |
| Querist: | Prerna |
| Answered by: | Reply of the Expert is awaited; |
| Tags: | Reassessment |
| Date: | May 17, 2022 |
Assessee is a developer and builder. Search took place on 10.08.2021 and noting about receipt of unrecorded sale consideration of Rs. 25,00,000/- for A.Y 2018-19, Rs.15,00,000/- for A.Y 2017-18 and Rs.75,00,000/- for A.Y 2016-17 was found on the loose paper.
AO issued notice u/s 148A on 19.03.2022 for all these three years giving time to respond within 7 days. The assessee requested for extension of time and the AO has given time upto 31.03.2022. The assessee has submitted a detailed reply and after considering the said reply AO passed order u/s 148A(d) on 07.04.2022 and the notice u/s 148 was issued on the same day.
Can assessee challenge that these notices are time barred for all the three A.Y’s ?
Reply of the Expert is awaited. Please check back later
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