{"id":35404,"date":"2023-08-13T17:33:12","date_gmt":"2023-08-13T12:03:12","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&p=35404"},"modified":"2023-08-25T06:07:34","modified_gmt":"2023-08-25T00:37:34","slug":"income-tax-149-time-limit-reassesment","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/income-tax-149-time-limit-reassesment\/","title":{"rendered":"income tax 149 time limit reassesment"},"content":{"rendered":"
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Amendment<\/b>\u00a0of 149 in finance act 2022<\/strong><\/div>\n
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As per finance act 2022<\/strong>, the income escaping assessment should be represented in the form of— an asset, an entry or entries or expenditure in a single transaction or transactions and expenditure<\/strong>….<\/span><\/div>\n
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For AY-2018-2019, the limit of 3 year get expired on 31 march 2022….now the amendment of finance bill 2022 be effective from april 1, 2022. so non asset<\/strong> based representation will also expire on 31 march 2022<\/strong> for ay 2018-2<\/strong>019, if income escaping assessment is-more-than-50-lakh…is it right………………………………………..my questions is the following…. <\/span><\/div>\n
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Questions<\/span><\/div>\n
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Can Income escaping assessmen<\/strong>t more than 50 lakh<\/strong> amended by finance act 2022 represented in the form of asset, expenditure or entries in the books of account<\/strong> will be applicable for AY-2018-2019, if assessing officer wants to open the case on 5 A pril 2022.<\/span><\/div>\n
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As per my understanding its no <\/span><\/div>\n
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Reasoning— <\/span><\/div>\n
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Asset based- <\/strong>Fine, Assessing officer can open Income escaping assessmen<\/strong>t more than 50 lakh<\/strong> amended by finance act 2022 represented in the form of asset<\/strong><\/span><\/div>\n
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Expenditure based- <\/strong>Time barred, Assessing officer can not<\/strong> open Income escaping assessmen<\/strong>t more than 50 lakh<\/strong> amended by finance act 2022 represented in the form of\u00a0expenditure <\/b><\/span>(as for ay 2018-2019, normal 3 years got expired on 31 march 2022 so it can not be amended by finance act 2022)<\/div>\n
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single transaction or transactions-\u00a0 Again <\/strong>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)<\/span><\/div>\n
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