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Q. > Please Help: Income Tax Assessment
I have a question regarding an assessment made under section 147 read with section 144 of the Income Tax Act. Can an assessment be made for the income of Rs. 26 lakh in March 2023 for the assessment year 2015-16, based on a notice and order issued under sections 148A(b) and 148A(d) in March 2022, which had information about a cash deposit of Rs. 26 lakh from AIR-001 and CIB-410?
The assessing officer, while issuing the notice and passing the order under sections 148A(b) and 148A(d), considered the amount as Rs. 52 lakh and deemed it as a case of escaped income chargeable to tax for the year under consideration, warranting the issuance of a notice under section 148.
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anup kumar
13-Aug-2023 , 01:35:48 pmCASH DEPOSIT IN BANK IS NOT ESCAPED ASSESSMENT IN ALL CASES. The nature of transactions and related supporting is also relevant for whether cash deposit will come within the preview of escapement of income or not? GST registration is required after 40 Laks turnover. 26 Lacs cash deposit may be sale or any other , whether there is any withdrawal or not, and any many more details of assessee is required for proper reply. anup kumar from bihar whatsapp 8083587402