Reassessment time limits set to four and six years, with extended reopening only where escaped income exceeds specified threshold. Amendment substitutes clauses (a) and (b) of section 149(1) to provide that reopening is barred after four years from the end of the relevant assessment year unless clause (b) applies, and that reopening is permissible where four years, but not more than six years have elapsed if the income escaped assessment amounts to or is likely to amount to the statutory monetary threshold.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reassessment time limits set to four and six years, with extended reopening only where escaped income exceeds specified threshold.
Amendment substitutes clauses (a) and (b) of section 149(1) to provide that reopening is barred after four years from the end of the relevant assessment year unless clause (b) applies, and that reopening is permissible where four years, but not more than six years have elapsed if the income escaped assessment amounts to or is likely to amount to the statutory monetary threshold.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
