Time limit for Notice - Section 149

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..... ts or evidence which reveal that income chargeable to tax in the form of - (i) an asset, (ii) expenditure in respect of a transaction in relation to an event or an occasion ; or (iii) an entry or entries in the books of account, which has escaped assessment amount to or is likely to amount to ₹50 lakh or more for that year 2. Notice u/s 148 cannot be issue .....

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..... 148A and time period to issue notice u/s 148 shall also be increased accordingly. 5. Where the income in the form of an asset or expenditure in relation to an event or occasion of the value of ₹50 lakhs or more, has escaped assessment and the investment in such asset or expenditure in relation to such event or occasion has been made or incurred, in more than 1 PY's, .....

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