The amount involved is only Rs. 8 lakhs which was less than Rs. 50 lakhs.\u00a0 The assessee challenged the notice issued under section 148 of the Act. Allowing the petition the Court held that the Finance Act, 2021 with effect from April 1, 2021, amended section\u00a0149\u00a0of the\u00a0Income-tax Act, 1961, which now provides for the time limit within which proceedings under section\u00a0148\u00a0of the Act could be initiated. Clause\u00a0(a)\u00a0of sub-section\u00a0(1)\u00a0of section\u00a0149\u00a0of the Act provides that no notice under section\u00a0148\u00a0of the Act shall be issued for the relevant assessment year if three years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b)-that is unless the alleged income involved exceeds Rs. 50 lakhs notice under section\u00a0148\u00a0of the Act cannot be issued.(AY.2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Limitation-Law Applicable-Amendment of section 149 with effect from 1-4-2021-Notice cannot be issued unless the alleged income involved exceed Rs 50 lakhs. [S. 148. 148A(b) 148A(d), 149, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-39787","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-alJ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=39787"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39787\/revisions"}],"predecessor-version":[{"id":42666,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39787\/revisions\/42666"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}