I-T dept directs full use of new powers to reopen old cases

I-T dept directs full use of new powers to reopen old cases

The Central Board of Direct Taxes ( CBDT) has directed re-opening of all cases under the search and seizure label, income-escaping assessments and deductions claimed from profits and gains on all eligible businesses.This is now allowed, thanks to amendments to relevant sections which have provided for reopening of cases much beyond the present stipulated limit of eight years. The amendments to relevant Sections 80A, 80IB,132 and 147 have been made with retrospective effect, from financial year 2003, 2000, 1998 and 1989.



Source : https://www.business-standard.com/india/news/i-t-dept-directs-full-usenew-powers-to-reopen-old-cases/368220/