9911796707
TMI BlogRe-opening of assessment.X X X X Extracts X X X X X X X X Extracts X X X X ..... cases, namely:— (a) where the tax base for the relevant financial year exceeds the maximum amount not liable to tax but (i) the return of tax bases has not been furnished; (ii) no notice has been issued under section 146; and (iii) the time limitation for issuing such notice has expired; (b) where a return of tax bases has been furnished by the assessee, but- (i) no assessment has been made; and (ii) the assessee has understated the tax bases, or has claimed excessive loss, deduction, allowance or relief in the return; (c) where an assessment has been made under section 155 or section 156, but— (i) the tax bases liable to tax has been under-assessed; (ii) the tax bases have been assessed at too low a rate; (iii) the tax bases have been mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich the search and seizure has been carried out or the material has been obtained; and (b) within a period of seven financial years from the end of the relevant financial year in any other case. (5) Notwithstanding anything in sub-section (4), the notice under sub-section (2) for any financial year may be issued at any time, if— (a) the reassessment is to be made in consequence of, or to give effect to, any finding, or direction, contained in an order passed— (i) by any authority or court in any proceeding under this Code by way of appeal, reference or revision; or (ii) by a court in any proceeding under any other law for the time being in force; and (b) the period referred to in sub-section (4) for issue of such notice had not expired at t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions of this section shall also apply in the case of any other person, referred to in clause (e) of sub-section (3), as if a search and seizure has been carried out under section 135 in his case, if any material which has a bearing on the determination of the tax bases of such other person, has been— (a) seized in the course of search and seizure under section 135 in the case of the person referred to in clause (d) of sub-section (3); or (b) obtained in pursuance of the requisition under section 136 in the case of the person referred to in clause (d) of sub-section (3). (10) On receipt of a return in pursuance of a notice under sub-section (2), or after the expiry of time prescribed for furnishing the return in pursuance of such notice, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
