09 April 2015
149(1) time limitNotice can cover last 6 fy from the current fy excluding current fy right ?Means : 2014-15, 2013-14, 2012-13, 2011-2012, 2010-2011, 2009-2010
09 April 2015
Time limit for notice. 149. 69[(1) No notice under section 148 shall be issued70 for the relevant assessment year,— 71[(a) if four years have elapsed from the end of the relevant assessment year, unless the case falls under clause (b); (b) if four years, but not more than six years, have elapsed from the end of the relevant assessment year unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to one lakh rupees or more72 for that year.]
It is extract of Section 149 (1) of income tax act it is appear that not more than 6 assessment year can be assesed under income escaped assessment under sec 147. As of today department can issue from assessment year from 2009-10 to till date i.e from FY or PY 2008-09.
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