The Curious Case of 5th and 6th proviso to Section 149(1) of Income Tax Act 1961
- Blog|News|Income Tax|
- < 1 minute
- By Taxmann
- |
- Last Updated on 8 May, 2023
Latest from Taxmann
Adv (CA) Abhishek Garg, Adv Yash Gaiha & Adv Ranesh Mankotia – [2023] 150 taxmann.com 132 (Article)
Recently, various tax payers/assesses were in receipt of the show cause notices under section 148A(b) of the Income-tax Act, 1961 (“the Act”) for Assessment Year 2019-20 wherein the income alleged to have escaped assessment was less than 50 lacs.
Interestingly, various such show cause notices under section 148A(b) of the Act were issued at the fag end (like dated 27 March 2023, 28 March 2023 and so on) of the time prescribed under section 149 (1)(a) of the Act to issue a reassessment notice under section 148 of the Act i.e. 3 years. Such notices provided more than 7 days to the tax payers to reply to the said notice and effectively the orders under section 148A(d) and consequent reassessment notice under section 148 of the Act were issued around second week of April 2023, admittedly beyond the prescribed time period of 3 years which expired on 31 March 2023.
Click Here To Read The Full Article
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
