Amendment of section 144.
41. In section 144 of the Income-tax Act, in sub-section (1), in clause (a), after the words, brackets and figure “or sub-section (5)”, the words, brackets, figure and letter “or an updated return under sub-section (8A)” shall be inserted.
Notes on Clauses:
Clause 41 seeks to amend section 144 of the Income-tax relating to best judgement assessment.
It is proposed to amend clause (a) of sub-section (1) of the said section to provide that the Assessing Officer shall make best judgement assessment if any person fails to furnish updated return under sub-section (8A) of section 139 along with failure to make return under sub-section (1) or sub-section (4) or sub-section (5) of section 139.
This amendment will take effect from 1st April, 2022.
