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Cash credits held in bank account for the FY 2015-16

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(Querist)
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?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
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.

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