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Section 148 notice for escaped income up to Rs. 50 lakhs — time limit:
A6 years
B3 years from end of AY
C10 years
D16 years
Answer & Solution
Correct answer: B. 3 years from end of AY
1. Section 149 prescribes time limits for 148 notice.
2. Escaped income < Rs. 50 lakhs: 3 years from end of relevant AY.
3. Escaped income (asset/expenditure/transactions) >= Rs. 50 lakhs: 10 years.
_Source: ICAI BoS CA Final Paper 7, Ch 15 "Assessment Procedure"_
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