An income-tax notice cannot be issued if three years have passed since the end of the relevant assessment year. However, if there is evidence of concealment of income of at least Rs 50 lakh, a notice can be issued beyond three years but within 10 years of the end of the relevant assessment year.
India News: NEW DELHI: Delhi HC Friday stayed the Income Tax department’s order cancelling the tax exemption licence of Centre for Policy Research (CPR), a public.
The High Court said that cancellation of think tanks' registration will entail severe consequences as it will not be able to accept any contributions from domestic donors.
The Delhi High Court heavily criticised the IT department for filing an appeal after a delay of nearly 500 days, observing that the time has come for officials to be penalised for such lethargic conduct
The Delhi High Court has expressed strong criticism towards the Income Tax (I-T) department for filing an appeal after a delay of nearly 500 days.The court stated that such deliberate inaction cannot be accepted and emphasised the need for .