Section 148 Income Tax Act Archives

reassessment notice barred by limitation

Case Briefs Tribunals/Commissions/Regulatory Bodies

‘Escaped income is below Rs 50 lakhs’; ITAT quashes reassessment notice under S.148 Income Tax Act issued beyond prescribed limitation of 3 years

A notice under Section 148-A(b) of the Income Tax Act, 1961 was issued to the assessee, stating that income had escaped assessment under the provisions of Section 147, regarding sale, purchase of properties and contractual receipts.

Case Briefs High Courts

Mere change in tax rate for future AYs, no ground to reopen assessment without fulfilling jurisdictional parameters under S. 148 of Income Tax Act: Bombay HC

The jurisdictional parameter about failure to disclose fully and truly all material facts necessary for assessment are missing and without compliance with the said parameters, the respondents have no jurisdiction to proceed with the reopening of the assessment.