TaxTMI 
TaxTMI 
Show cause notice u/s 148A for not submission of ITR for AY 2017-18 on the basis of 26AS. Income is taxable but the return was skipped. How to response ?
Show cause notice u/s 148A for not submission of ITR for AY 2017-18
23 Feb 2024 
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Limitation on reassessment notices: time bar applies unless documents reveal escaped income above the prescribed threshold.
Proceedings arise from a show-cause notice for non-filing of return based on Form 26AS; the key question is whether reassessment is time-barred. Reassessment notices are barred by the general limitation unless the Assessing Officer had books, documents or other evidence showing escaped income meeting the statutory threshold that extends limitation. If escaped income is below the threshold, the three-year limitation applies and a time-bar defence should be raised in response to the show-cause notice. (AI Summary)
Proceedings arise from a show-cause notice for non-filing of return based on Form 26AS; the key question is whether reassessment is time-barred. Reassessment notices are barred by the general limitation unless the Assessing Officer had books, documents or other evidence showing escaped income meeting the statutory threshold that extends limitation. If escaped income is below the threshold, the three-year limitation applies and a time-bar defence should be raised in response to the show-cause notice. (AI Summary)