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Query regarding assessment

07 October 2013

can subsequent decisions of supreme court form the basis of issuing notice under sec 148 if assessment even if earlier assessment took place under sec 143(3) or 147 and assessee nade full and true disclosure? kindly help

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3 Replies

Saurabh Maheshwari (B.com,ACA) (5923 Points)
Replied 07 October 2013

Yes, Assessment can be re-opened u/s 148 on to match the case with subsequent ruling established by Apex Court...such reopening doesn't mean change in opinion ...but will constitute Tangible Material forming a reason to believe that income has escaped assessment.....

But yes, the re-opening can be made only wirhin the time limits prescribed u/s 149 i.e. 4/6/16 yrs. as may be applicable .....