Suresh Prasad (www.aubsp.com) (15630 Points)
20 September 2010Respected Members,
On the expiry of four years from the end of the relevant AY of which Assessment order has been passed u/s 143/147, can AO issue notice u/s 148 if income escaped is....
(a) Rs. 1,50,000
(b) Rs. 50,000
(c) AO has not confirm whether the income will be > Rs. 1,00,000 or less than Rs. 1,00,000.
Sowmya P K
(Chartered Accountant)
(251 Points)
Replied 21 September 2010
Hi Suresh
What is your question???
Notice can be issued if AO believes income escaped is likely to exceed 1 lakh...
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 21 September 2010
Dear Suresh,
f 4 years have expired, notice under section 148 can be issued in a case only if the income chargeable to tax which has escaped assessment amounts to Rs.1 lakh or more. Approval of Chief Comm or Comm is necessary, if assessment has been made u/s.143(3) or 147
CAclubindia
