Re-assessment
This query is : Resolved
03 April 2015
Sir/s,
My company filed its Income Tax Return for the Asst. Year 2008-09, which was Assessed u/s. 143(3) and the refund for the same was issued. Now, on 27/03/2015, department has issued a Notice u/s. 148.
My question is whether the department can issued such notice after such long period. If yes, than what is the remedy to tackle the situation.
An early reply is solicited as the department has given only 30 days time.
Thanking you.
Yours faithfully
Deoki Nandan Bhala.
My company filed its Income Tax Return for the Asst. Year 2008-09, which was Assessed u/s. 143(3) and the refund for the same was issued. Now, on 27/03/2015, department has issued a Notice u/s. 148.
My question is whether the department can issued such notice after such long period. If yes, than what is the remedy to tackle the situation.
An early reply is solicited as the department has given only 30 days time.
Thanking you.
Yours faithfully
Deoki Nandan Bhala.
03 April 2015
If the income escaped is Rs. one lac or more the notice u/s 148 can be issued within 6 years from the end of relevant assessment year. In your case as it is well within the time limit of 6 years, this is a valid notice.
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