Rs. 50 Lakhs limit Not Applicable to section 148A(b) issued within 3 years

Ester Industries Ltd Vs ACIT (Delhi High Court)

High Court is of the view that the condition precedent of an asset in the form of Rs.50 lakhs is not be attracted to the present case, as the notice under Section 148A(b) of the Act had been issued on 17^th March, 2022 i.e. within three years of the assessment year sought to be assessed, namely, 2018-19 and Section 148A(d) order as well as Section 148 notice issued on 31^st March, 2022 was within prescribed time.

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