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10-year re-opening period for I-T assessments to apply only if escaped income above Rs 50 lakh: Delhi HC
![IndiaTimes]()
Monday, 20 November 2023
The Delhi High Court has ruled that the extended period of ten years for re-opening income tax assessments should only apply in cases involving serious tax evasion where evidence of concealing income exceeds Rs. 50 lakh. This decision is expected to benefit thousands of taxpayers. The court considered the validity of notices issued under section 148 and concluded that the three-year limitation period should apply for alleged escaped income below Rs. 50 lakh. The court rejected the "travel back in time" theory proposed by the tax authorities and deemed it invalid.
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Monday, 20 November 2023
