Assessment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 September 2012
Dear Sir,
Suppose an assessee had purchased a property of Rs. 10 lacs in 1985. Now whether the department can ask him about his source of investment and can pass assessment for relevant AY.
Please clarify.
Suppose an assessee had purchased a property of Rs. 10 lacs in 1985. Now whether the department can ask him about his source of investment and can pass assessment for relevant AY.
Please clarify.
Amol S Joglekar
(Expert)
29 September 2012
Normally department does not want to go beyod 4 years, 7 years.... and so on unless the STAKE involved is above INR 1 lakh. But the CBDT has the requisite power to go beyond that in case of genuine cases (of tax evasion)
Pankaj Gupta
(Expert)
29 September 2012
The previous cases can be opened u/s 147. But in this sec also, No cases older than 6 Years will be opened even if the AO have concrete evidences of concealment of income.
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