Notice invalid after the lapse of 6 yrs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 July 2013 Sir infeb. 2006 I had given my small residential property to joint development to a builder. from the year 2000 i am filing I T returns of my salary regularly till date. due to lack of knowledge I had not filed returns of joint development in I T returns for feb.2006-07.Now the I T DEPT. dated 05/07/2013 issued notice under sec 148 income escaping assesment for the assessing year 2006-07. please clarify is the notice is valid after a lapse of 6 yrs.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

06 July 2013 As per sec 149 if income escaping assessment exceeds 1,00,000 and sub to other condition notice can be issued within 6 years from relevant AY.

In your case counting 6 years from AY06-07 comes to 31.3.2013.

so dept cannot issue notice u/s148 after 31.3.2013,its time barred.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now