Income tax Notice can come if income escaping assessment is
-Assets or
-Expenditure or
-Entry in books
of Rs 50 Lakh or more
Finance Act-2022 provides that the evidence can be in the form of not only asset but following evidence is also considered is income escaping Assessement is Rs 50 Lakh or more.
a. expenditure in respect of transaction or event or occasion
b. entry in the books of accounts.
Assessing officer can now issue notice for reassessment on the basis of any entry in the books of accounts.

Summary
0:00 New provisions of Income Tax Notice for Assets and Expenditure
0:22 Time Limit for Issuing a Notice in Case of any Income Escaping Assessment
1:27 New Amendment in Section 149 of Income tax Act w.e.f AY 2023-24 for issue of Income tax Notice
2:10 Example when Income Tax Notice can be issued if Expenditure incurred by Assessee of Rs 50 Lakh or more
3:18 Example if Asset is destroyed , but proof of expenditure is available with income tax officer
3:53 If Income of Rs 50 Lakh or more is spread in more than one year, income tax notice will be issued for all the years
4:33 Example of how Income Tax Notice can be issued if income of Rs 50 Lakh or above is spread over different years
5:40 Evidence and documents can be collected by income tax officer from third person to issue income tax notice
7:01 where search is initiated u/s 132 during the Previous years . AO is deemed to have information suggesting income has escaped assessment for the 3 A.Y.'s immediately preceding the A.Y. relevant to the P.Y. in which the search is initiated u/s 132.

#IncomeTaxPayers , #Investment #expense

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