Income Tax Act, 2025
Section 5: Ins. by 33 of 2009, s. 58 (w.e.f. 11989).
5. Ins. by 33 of 2009, s. 58 (w.e.f. 11989).
586
148. Issue of notice where income has escaped assessment.—1[(1)] Before making the assessment,
reassessment or recomputation under section 147, the Assessing Officer shall serve on the assessee a
notice requiring him to furnish within such period, 2*** as may be specified in the notice, a return of his
income or the income of any other person in respect of which he is assessable under this Act during the
previous year corresponding to the relevant assessment year, in the prescribed form and verified in the
prescribed manner and setting forth such other particulars as may be prescribed; and the provisions of this
Act shall, so far as may be, apply accordingly as if such return were a return required to be furnished
undersection 139:]
3[Provided that in a case—
(a) where a return has been furnished during the period commencing on the 1st day of October,
1991 and ending on the 30th day of September, 2005 in response to a notice served under this section,
and
(b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of
twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately
before the amendment of said sub-section by the Finance Act, 2002 (20 of 2002) but before the expiry
of the time limit for making the assessment, re-assessment or recomputation as specified in
sub-section (2) of section 153, every such notice referred to in this clause shall be deemed to be a
valid notice:
Provided further that in a case—
(a) where a return has been furnished during the period commencing on the 1st day of October,
1991 and ending on the 30th day of September, 2005, in response to a notice served under this
section, and
(b) subsequently a notice has been served under clause (ii) of sub-section (2) of section 143 after
the expiry of twelve months specified in the proviso to clause (ii) of sub-section (2) of section 143,
but before the expiry of the time limit for making the assessment, reassessment or recomputation as
specified in sub-section (2) of section 153, every such notice referred to in this clause shall be deemed
to be a valid notice.]
4[Explanation.—For the removal of doubts, it is hereby declared that nothing contained in the first
proviso or the second proviso shall apply to any return which has been furnished on or after the 1st day of
October, 2005 in response to a notice served under this section.]
5[(2) The Assessing Officer shall, before issuing any notice under this section, record his reasons for
doing so.]
149. Time limit for notice.—6[(1) No notice under section 148 shall be issued for the relevant
assessment year,—
7[(a) if four years have elapsed from the end of the relevant assessment year, unless the case falls
under clause (b) 8[or clause (c)];
(b) if four years, but not more than six years, have elapsed from the end of the relevant
assessment year unless the income chargeable to tax which has escaped assessment amounts to or is
likely to amount to one lakh rupees or more for that year;]
8[(c) if four years, but not more than sixteen years, have elapsed from the end of the relevant
assessment year unless the income in relation to any asset (including financial interest in any entity)
located outside India, chargeable to tax, has escaped assessment.]
1. Section 54 renumbered as sub-section (1) thereof by Act 3 of 1989, s. 24 (w.e.f. 11989).
2. The words “not being less than thirty days,” omitted by Act 33 of 1996, s. 43 (w.e.f. 11989).
where a return has been furnished during the period commencing on the 1st day of October,
1991 and ending on the 30th day of September, 2005 in response to a notice served under this section,
and
subsequently a notice has been served under sub-section
of section 143 after the expiry of
twelve months specified in the proviso to sub-section
of section 143, as it stood immediately
before the amendment of said sub-section by the Finance Act, 2002 (20 of 2002) but before the expiry
of the time limit for making the assessment, re-assessment or recomputation as specified in
sub-section
of section 153, every such notice referred to in this clause shall be deemed to be a
valid notice:
Provided further that in a case—
where a return has been furnished during the period commencing on the 1st day of October,
1991 and ending on the 30th day of September, 2005, in response to a notice served under this
section, and
subsequently a notice has been served under clause
of sub-section
of section 143 after
the expiry of twelve months specified in the proviso to clause
of sub-section
of section 143,
but before the expiry of the time limit for making the assessment, reassessment or recomputation as
specified in sub-section
of section 153, every such notice referred to in this clause shall be deemed
to be a valid notice.]
4[Explanation.—For the removal of doubts, it is hereby declared that nothing contained in the first
proviso or the second proviso shall apply to any return which has been furnished on or after the 1st day of
October, 2005 in response to a notice served under this section.]
5[
The Assessing Officer shall, before issuing any notice under this section, record his reasons for
doing so.]
149. Time limit for notice.—6[
No notice under section 148 shall be issued for the relevant
assessment year,—
7[
if four years have elapsed from the end of the relevant assessment year, unless the case falls
under clause
8[or clause
if four years, but not more than six years, have elapsed from the end of the relevant
assessment year unless the income chargeable to tax which has escaped assessment amounts to or is
likely to amount to one lakh rupees or more for that year;]
8[
if four years, but not more than sixteen years, have elapsed from the end of the relevant
assessment year unless the income in relation to any asset (including financial interest in any entity)
located outside India, chargeable to tax, has escaped assessment.]
1. Section 54 renumbered as sub-section
thereof by Act 3 of 1989, s. 24 (w.e.f. 11989).
2. The words “not being less than thirty days,” omitted by Act 33 of 1996, s. 43 (w.e.f. 11989).