My client has recieved notice u/s 148 of The Income Tax Act 1961 for re-assess the income tax AY 2009-10 on 5.3.2014. I would like to know can the ITO do the full aasessment all over again or only the part under u/s 148. (escaped income u/s 147 as shown by them as suspecious dealer). Can he call for proof of other expenses and assets purchased such as bills etc for the AY 2009-10 now.
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Notice u/s148 of i tax act 1961
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Dear Suresh jain,
Yes the ITO have power from Chief Commissioner/ Commissioner to Reopen the Assessment case and Served Notice U/s. 148 to Assessee for Produce the Necessory Document before him.
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