Reassessment After Three Years Not Sustainable In Absence Of Tangible Material On Record Reflecting That Income Escaping Assessment Is Amounting To Rs. 50 Lacs Or More- Abdul Majeed Son Of Shri Ali Mohammed V. Income Tax Officer:
Introduction: Section 149(1) of the Income Tax Act, 1961 (hereinafter referred as the Act) provides time limits for issuance of notice under Section 148 of the Act. As per clause (a) of Section 149(1) of the Act, no notice u/s 148 of the Act can be issued, if three years have elapsed from the end […]