23 November 2023
The assessee has received the notice under section 148 in March 2023 towards capital gains of Rs.69L and failed to file the income tax return for the AY 2016-17. Kindly clarify the validity of notice u/s 148 if after taking the indexed cost of acquisition the capital gains amounts to Rs.30 Lakhs(< Rs.50 Lakhs). Is it time barred or not. Kindly resolve.
CAclubindia
