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Income Tax - Highlights / Catch Notes

Home Highlights July 2019 Year 2019 This

Reassessment u/s 147 - within 4 years from the end of relevant ...

Income Tax

July 11, 2019

Reassessment u/s 147 - within 4 years from the end of relevant AY - when no opinion was formed by Ld. AO on any issue during original assessment proceedings and the same was altogether skipped, there would be no bar to reach the requisite satisfaction on the basis of findings in subsequent assessment year - In such a case, deeming fiction of Explanation-2 would come into play and the income shall be deemed to have escaped assessment

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