Notice under sec 148
This query is : Resolved
07 October 2013
whether AO can issue notice under sec 148 even if time limit is available to issue notice under section 143(2)?
I am really confused...
08 October 2013
Yes it is possible but section 151(1) states that such notice should be issued by ACIT/DCIT or above ranked Income Tax Officials. The time limit for issuance of such notices is 4 years (in case escaped income is below Rs 1 lakh) & 6 years (in case escaped income is more than 1 lakh) from the end of relevant Assessment year.
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