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Cases selected u/s 147/148

Rakesh Gupta (1 Points)

11 December 2019

what is the procedure for taking a case u/s 147/148 if an assessee has taken the benefit of LTCG for A.Y. 2018-19?

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2 Replies

sanjith kotni (Articled assistant) (663 Points)
Replied 12 December 2019

First there should be concrete reason to believe that there is escapement of income .If the assessment for that year is already done under sec 143 then AO may have this concrete evidence or he could get this from other sources .
procedure to be followed by AO.
Get the approval from higher authorities for initiating 148 assessment,then issues notice to file the return for that year and with this 148 proceedings are initiated,and then same procedure which is followed for regular assessments under 143 is followed by issuing scrutiny notice ..

Kapadia Pravin (17264 Points)
Replied 15 December 2019

As per law, a valid notice must always be served before an assessment or reassessment. In case of reassessment the AO must record the reasons for doing so.