Notice u/s 148A(b)/Order u/s 148A(d) of the Income Tax Act

Can an assessment u/s 147 be made assessing income less than Rs 50 lakh in March 2023 for an assessment year that has elapsed more than 3 years ago i.e. AY 2015-16.    

Replies (2)
Quick Summary
This discussion clarifies whether an income tax assessment under Section 147 can be made for an assessment year like 2015-16, which is more than three years old, especially if the income is less than Rs 50 lakh. The general consensus is that such reassessments cannot be opened after this period. For specific guidance, further details can be sought via email.

No, it cannot be opened
For more details please drop an email on somesh @ sschandak.com
Appeal had been made in proper format and subsequent disposal of the same had been made.

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