Reopening of assessment - Scope of new section/regime u/s 148A - ...

Case Laws Income Tax

November 21, 2023

Reopening of assessment - Scope of new section/regime u/s 148A - Sense that one gets upon a holistic reading of the backdrop in which the new regime for reopening assessments was enacted is that where escapement of income was below Rs. 50 lakhs, the normal period of limitation, i.e., three (03) years was to apply. In comparison, the extended period of ten (10) years would apply in serious tax evasion cases where there was evidence of concealment of income of Rs. 50 lakhs or more in the given period. - HC

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Reopening of assessment - Scope of new section/regime u/s 148A - ...

Case Laws Income Tax

November 21, 2023

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