No Applicability of Limitation Period of 3 Years u/s 149 (1)(a) of Income Tax Act when Income Escaped Assessment is More than Rs.50 lakhs: Kerala HC [Read Order]

The Kerala HC observed that there is no applicability of limitation period of 3 years under Section 149 (1)(a) of the Income Tax Act when income escaped assessment is more than Rs.50 lakhs
By Kalyani B. Nair - On February 21, 2024 9:00 am - 2 mins read
No Applicability - Limitation Period - Income Tax Act - Income Escaped Assessment - Kerala HC - taxscan

A Single Bench of the Kerala High Court observed that there is no applicability of limitation period of 3 years under Section 149 (1)(a) of the Income Tax Act, 1961 when income escaped assessment is more than Rs.50 lakhs. The petitioner/assessee did not file return of his income for the assessment year 2016-17. The petitioner’s…

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