02 May 2023
Whether an assessment can be reopened or given a notice u/s 148 for the AY 2016-17 for each credits held in bank account less than 50 lakhs in Financial Year 2015-16?
02 May 2023
No. A notice under Section 148 can be issued to a taxpayer within 3 years from the end of the relevant assessment year, If the escaped assessment amounts to or likely to amounts to less than Rs. 50,00,000.