What is the time limit for issuing notice under section 148 i.e. income escaping assessment?

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..... No notice shall be issued if 3 years have elapsed from the end of the relevant assessment year. Where the Assessing Officer has in his possession books of account or other documents or evidence which reveals that the income chargeable to tax, represented in the form of: (i) An Asset; (ii) Expenditure in respect of a transaction or in relation to an even .....

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..... of the Finance Act, 2021. 2. The Finance Act 2023 has inserted a third and fourth proviso to Section 149(1) to provide that 15 days will be excluded while computing the limitation period. a. As per third proviso, 15 days will be excluded while computing the limitation period under Section 149 for the issue of notice under Section 148 if the following conditions are satisfied: i. A .....

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..... the above conditions are satisfied, the notice so issued under Section 148 / Section 148A(b) shall be deemed to have been issued on 31 st March of such financial year. 3. To compute the period of limitation for issuance of notice under new Section 148 , the time or extended time allowed to the assessee in providing an opportunity of being heard or period during which such proceedings befo .....

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