Section 148 of ITA, 1961 : Section 148: Issue Of Notice Where Income Has Escaped Assessment
ITA, 1961
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Explanation using Example
Imagine a scenario where Mr. Sharma, a business owner, filed his tax returns for the assessment year 2018-19. However, the Assessing Officer (AO) later discovers that Mr. Sharma had not reported certain income from investments in his filed returns. The AO believes that this income has escaped assessment, which may lead to additional tax liability for Mr. Sharma.
The AO decides to reassess Mr. Sharma's income for the said year. Before proceeding with the reassessment, as ...
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