Assessment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2012 Dear Sir,
Suppose an assessee had purchased a property of Rs. 10 lacs in 1985. Now whether the department can ask him about his source of investment and can pass assessment for relevant AY.

Please clarify.

Amol S Joglekar

Amol S Joglekar (Expert)
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29 September 2012 Normally department does not want to go beyod 4 years, 7 years.... and so on unless the STAKE involved is above INR 1 lakh. But the CBDT has the requisite power to go beyond that in case of genuine cases (of tax evasion)

Pankaj Gupta

Pankaj Gupta (Expert)
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29 September 2012 The previous cases can be opened u/s 147. But in this sec also, No cases older than 6 Years will be opened even if the AO have concrete evidences of concealment of income.

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