Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

16 yrs amended time limit for re-assessment can’t be applied to assessments concluded before that amendment

Re-assessment for assessment year 1998-99 on assessee-individual (who was non-resident for subject assessment year) could not be reopened beyond 31-3-2005, as it was barred by limitation under section 149

Assessing Officer had issued notice under section 148 in March, 2015 thereby proposing to tax amount of US $ 2-3 million contributed by assessee for settling a trust in foreign country. However, it was noted that assessment for subject assessment year could not be reopened beyond 31-3-2005 in terms of provisions of section 149 as applicable at the relevant time. The subsequent amendment by Finance Act, 2012, which extended the limitation to sixteen years, could not be resorted for reopening concluded proceedings, in respect of which limitation had already expired/ lapsed before the date the amendment became effective.

Refer:[2018] 100 324 (Delhi)

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