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As per section 149(1) of the Act, no notice under s.
Whether the notice issued
under s. 148 has been
issued on the basis of
information with the
assessing officer which
suggests that the income
chargeable to tax has
escaped assessment in the
case of the assessee?
The purpose of our lives is to be happy.eam of the future, concentrate the mind on the present moment.
Do not dwell in the past, do not dr
148 can be issued to an assessee, if
(a) three years have elapsed from the end of the
relevant assessment year; or
Although, on plain reading of the provisions of
section 149(1), it gives an impression that a notice
under s. 148 can be issued for ten assessment
years, but, as per the first proviso to section 149(1),
no notice under s. 148 shall be issued after 1-4-
2021, if a notice under ss. 148 or 153A or 153C
could not have been issued at that time on account
of being beyond the time limit specified under the
ss. 149(1)(b), 153A or 153C, as they stood
immediately before the commencement of the
Finance Act, 2021.
One should also take a note that the time or
extended time allowed to the assessee, as per
show-cause notice issued under clause (b) of
section 148A or the period during which the
proceeding under section 148A is stayed by an
order or injunction of any court, shall be excluded
for the purposes of computing the period of
limitation under s. 149.
As per first proviso to section 148 of the Act, no
notice under s. 148 shall be issued unless the
assessing officer has information which suggests
that the income chargeable to tax has escaped
assessment in the case of the assessee for the
relevant assessment year. The meaning of the term
'information' has been set-out in Explanation 1 to
section 148. However, in search cases under s. 132
of the Act, or requisition cases under s. 132A, or
survey cases under s. 133A, or in cases where any
money, bullion, jewellery or other valuable article
or thing or books of account or documents of the
assessee is seized or requisitioned in the case of
any other person, then, in such cases, the
assessing officer shall automatically be deemed to
have information.
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