Reassessment – Reopening of assessment – S. 147, 148
Section 149 provides that no notice under section 148 shall be issued for the relevant assessment year – i) If four years have elapsed from the end of the relevant assessment year. ii) If four years but not less than six years, have elapsed from the end of the relevant assessment year unless income chargeable to tax which has escaped assessment amount to or likely to amount to one lakh rupees or more for that year.
Whether Reopening Of Assessment Is Valid Without Any Corroborative Assessment?
Unless there is corroborative evidence with the Assessing Office that an assessee has paid “cash-on money” to builders, the reopening is not valid.