Section 148 of the income tax act
This query is : Resolved
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.
Thanks in Advance
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.
Thanks in Advance
CA R SEETHARAMAN
(Expert)
24 November 2023
Yes, it's time barred reply questioning the validity of notice issued with detailed calculation of capital gains.
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