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Can someone help me understand if this assessment is valid and legal?

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gurmukh

prop

24 Points Posted on 14 April 2023

Can an assessment be made for the income of Rs. 26 lakh in March 2023 for the assessment year 2015-16, based on a notice and order issued under sections 148A(b) and 148A(d) in March 2022, which had information about a cash deposit of Rs. 26 lakh from AIR-001 and CIB-410?

The assessing officer, while issuing the notice and passing the order under sections 148A(b) and 148A(d), considered the amount as Rs. 52 lakh and deemed it as a case of escaped income chargeable to tax for the year under consideration, warranting the issuance of a notice under section 148.

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Quick Summary

This discussion seeks to clarify the validity and legality of an income tax assessment. The user questions whether an assessment for Rs. 26 lakh income in March 2023 for assessment year 2015-16 is permissible, given a notice issued in March 2022 based on cash deposit information. The core of the query revolves around a potential double-counting of the income amount by the assessing officer.