Hello, I have a query if investment made in an asset is more than 50 lacs in relevant F.Y. then the time limit would be 10 years. Here my query is if this limit of 50 lacs should be made in a single asset over multiple F.Y. or does it include investment made in multiple assets as well in multiple F.Y. say i bought one asset in f.y. 2019-20 worth 30 lacs and another asset in 2020-2021 worth 30 lacs. So here the time limit would be 10years or 3 years. And since this is applicable w.e.f. 01-04-2022 than cases which are time barred till 31march2022 can they bè opened again by applying time limit of 10 years by having cumulative income of more than 50 lacs. Say 30 lacs in a.y. 2018-19 and 30 lacs in a.y. 2020-2021..bcoz 2018-19 case will be time barred by 31 march 2022. Also if the asset is sold by the assessee at the time of the issue of notice will the notice still be valid.
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