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 17th 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 31st March, 2022 was within prescribed time. FULL TEXT OF THE JUDGMENT/ORDER OF DELHI HIGH COURT Exemption allowed, subject to all just exceptions. Accordingly, the application stan...