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Assessment under section 148

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Kowsalya

1136 Points Posted on 11 November 2023

The assessee has capital gains for which the sale consideration is approx 60l for any 2016-17 but failed to file the income tax return. The show cause notice under section 148 is received in march 2023. is this issue of notice in 2023 valid or time barred? kindly resolve.

Thanks in advance

Replies (3)

Quick Summary

This discussion addresses the validity of a Section 148 notice issued in March 2023 concerning undeclared capital gains from the 2016-17 tax year. The consensus is that the notice is likely valid, provided the procedures under Section 148A were followed. The validity also hinges on the assessee's response to any show cause notices issued.