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No Reassessment after 3 Years, Escaped Income below Rs. 50 Lakh: Karnataka HC
Case Law Details
- Case Name
- Pramila Mahadev Tadkase Vs ITO (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All High Courts, Karnataka High Court
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Pramila Mahadev Tadkase Vs ITO (Karnataka High Court)
Introduction: In a recent judgment, the Karnataka High Court addressed the validity of income tax reassessment notices issued beyond the statutory three-year period. The case involves Pramila Mahadev Tadkase and the Income Tax Officer (ITO), focusing on the reassessment for the Assessment Year 2016-17. The central issue revolves around the petitioner’s capital gain, with the reassessment initiated due to the absence of a return and unexplained income.
Detailed Analysis: The Income Tax Department issued notices under Section 148A(b) of...
Author Info
This case is an eye opening for capital gain matter related to joint property
1. When buying a property make sure the source of funds and percentage of contribution is clearly documented with % of holding and supposed proof of funds.
2. Apply for PAN and hold it valid.
3. Filing of Income-tax return knowledge from a CA.
4. Don’t consult unknown source if and but things.
5. Any finance and TDS is deduced even if it is just Rs.25.00 on any source of income file your IT Return and get Assessment Order. TDS Refund Rs.25.00 won’t be effected as minimum refund should be Rs.100.00. But your Income Tax knowledge is maintained and no excuse of ignorance of law.