Section 151 of ITA, 1961 : Section 151: Sanction For Issue Of Notice

Explanation using Example

Imagine a scenario where Mr. Sharma filed his income tax return for the assessment year 2015-16. It's now 2021, and the Income Tax Department discovers some discrepancies suggesting that Mr. Sharma may have underreported his income for that year. Since more than four years have passed since the end of the assessment year 2015-16, under Section 151(1) of the Income Tax Act, the Assessing Officer cannot issue a notice under section 148 to reassess Mr. Sharma's income for that year without obtaining the satisfaction o...

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