Income tax notice

csamuktha (Chartered Accountant) (118 Points)

25 August 2011  

can income tax notice be issued by income tax department beyond 6 assesment years from the current assesment year? say for eg. current AY is 2011-2012 can it be issued for a period before AY 2002-2003? If Yes state the reasons for the same.

Can fictious income say in the form of sales if claimed by any assessee in any of the preceeding years income tax returns and tax also has been paid on the same and if subsequently found out by the IT department to be fake then is the assesse entitled to any refund on the excess tax fraudulently or wrongly paid or not ? Is there any penalty or prosecution proceeding for the same please elucidate?