https://www.taxtmi.com/forum/issue?id=2774 If a taxpayer filed the return within the filing year and no requisite notice was issued before the statutory cutoff, the authority cannot require production of trading account, profit & loss account and balance sheet for that past assessment year because the assessment is time-barred; however, the authority may require those financial statements for the next assessment year provided the notice is issued before that year's statutory cutoff. The issuance-versus-receipt of notice raises a separate procedural question affecting compliance. en-us Sat, 12 Feb 2011 20:17:06 +0530 Thu, 23 Jan 2025 15:58:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=2774 If a taxpayer filed the return within the filing year and no requisite notice was issued before the statutory cutoff, the authority cannot require production of trading account, profit & loss account and balance sheet for that past assessment year because the assessment is time-barred; however, the authority may require those financial statements for the next assessment year provided the notice is issued before that year's statutory cutoff. The issuance-versus-receipt of notice raises a separate procedural question affecting compliance. Discussion-Forum Income Tax Sat, 12 Feb 2011 20:17:06 +0530 https://www.taxtmi.com/forum/issue?id=2774