The IT department may issue Income Escaping Assessment under 148, 148A if taxpayers omit to include specified income in their ITRs. Learn more
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Assessment or Re-assessment is a procedure adopted to determine the correctness of the income disclosed by the assessee and tax thereon. If the Assessing officer has reasons to believe that any income chargeable to tax has escaped assessment for any assessment year, he may subject to the provisions of Sec 148 to 153, assess or reassess such income and also any other income chargeable to tax which comes to his notice subsequently in the course of proceedings.
|1||In General||Notice u/s 148 cannot be issued if 3 years have elapsed from the end of the relevant assessment year|
|2||If the Assessing officer has the possession of books of accounts or other documents or evidence which reveals that the income chargeable to tax represented in the form of ||Notice u/s 148 cannot be issued if 10 years have elapsed from the end of the relevant assessment year|
The Assessing officer (AO) needs to follow the below steps before issuing any notice u/s 148
The time limit for completion of assessment by assessing officer in case of income escaping assessments is as follows
The following shall be deemed to be the cases where income chargeable to tax has escaped Assessment.
The Assessing office must have reasons to believe to apply section 147 to any particular case. Section 147 should not be applied not merely on the basis of any reasons to suspect. A mere increase in turnover because of use of digital means of payment or otherwise in particular year cannot be the sole reason to believe that income has escaped assessment in earlier years. Past assessments cannot be reopened on the ground that the current year’s turnover has increased.
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