Direct tax
This query is : Resolved
vineet jain
(Querist)
20 February 2014
in sun engineering pvt ltd case, AO issued notice u/s 148 for A/Y 2005-06 on 31st january 2012 but assessment order u/s 143(3)already done in 2007, so as per 1st proviso to sec 147 notice under can be issued only upto 4 years if assessment made under 143(3) please explain it
CA. Brijesh Baranwal
(Expert)
21 February 2014
If the potential tax evasion involved is less than 1 lac, limitation period is 4 years otherwise 6 years. Also try to collect, reason in writing for the same.
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