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Title: Calculation of time limit u/s 147
Post by: sujittalukder on October 20, 2011, 04:33:07 PM

I have a query on calculation of time limit u/s 147. It states "no action shall be taken u/s 147 after the expiry of four years from the end of the relevant assessment year...."
So, for Previous year 2005-06, the relevant Assessment year is 2006-07. What is the time limit with which action u/s 147 can be taken? Is it Assessment year 2010-11 or 2011-12? If it is 2011-12, then please clarify also.

Title: Re: Calculation of time limit u/s 147
Post by: camanojgupta on October 20, 2011, 05:26:27 PM

In this case ending assessment year is not relevant
Four years would end on 31.03.2011
No action can be taken after 31.03.2011 if the case does not fall in the proviso to section 147
CA MANOJ GUPTA
JODHPUR
09828510543

Title: Re: Calculation of time limit u/s 147
Post by: sujittalukder on October 20, 2011, 07:04:40 PM

Thanks for the reply.

Title: Re: Calculation of time limit u/s 147
Post by: sujittalukder on October 22, 2011, 06:24:11 PM

Can you please tell what is last time period upto which reassessment u/s 147 can be opened under various provisions of IT Act?

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Ask your queries or reply to others' queries => Discussion => Topic started by: sujittalukder on October 20, 2011, 04:33:07 PM