Nov 21, 2023
Ten-year re-opening period for I-T assessments to apply only if escaped income above Rs 50 lakh: Delhi high court
Responding to a bunch of writ petitions, for the financial years 2015-16 and 2016-17, the Delhi high court has recently held that the extended period of ten years, for re-opening of Income-tax (I-T) assessments should be applicable only in cases involving serious tax evasion where evidence of concealing income is above Rs. 50 lakh. This judgement is expected to help thousands of taxpayers.
The Delhi high court had to decide the validity of the notices issued to the petitioners under section 148, keeping in view the period of limitation (period within which notices for re-opening of cases can be issued).