Section 148 of the income tax act

This query is : Resolved

Kowsalya (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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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