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IT Notice 142 and 148

Others 273 views 1 replies

Hello all looking for some help with IT notice. 

Received section 142(1) and 148 in 2019 for assessment year 2011-2012.  Requesting verification of financial transaction and other information.
My question is if these notices are valid and can AO issue such notices after 7 years?
 

Thank you in advance.

 

Replies (1)
If the income escaped is Rs. one lac or more the notice u/s 148 can be issued within 6 years from the end of relevant assessment year subject to the provisions of section 151.

Further first proviso to section 147 provides so .... that if any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all material facts necessary for his assessment, for that assessment year.

So in your query it might be presumed that it's a notice r.w.s.142(1) ....meaning continuation of 142(1) notice of AY 2011-2012


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