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of <h1>Section 148/148A limits notices after three years except where escaped income = Rs.50 lakh with supporting evidence</h1> No notice under section 148 may be issued after three years from the end of the relevant assessment year, except that notices may be issued within three to ten years where the assessing officer possesses books, documents or other evidence showing escaped income represented by assets, expenditures, transactions or entries likely to amount to Rs.50 lakh or more; similarly, no show-cause notice under section 148A may be issued after three years unless information with the officer indicates escaped income of Rs.50 lakh or more. The statute provides computing exclusions for prescribed periods, extends certain timelines, treats specified items as assets, and contains transitional and search-related provisos.
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