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REGULAR/SCRUTINY ASSESSMENT UNDER SECTION 143(2)/143(3)

Income Tax - Return of Income and Assessment Procedure - 18 - Compulsory Service of Notice [Section 143(2)]:- Where the return has been made under section 139 or in response to notice under section 142(1), the Assessing Officer shall if he considers it necessary or expedient to ensure that- The assessee has not understand the income; or Has not computed excessive loss; or Has not underpaid the tax in any manner. Serve a notice on the assessee under section 143(2) requiring him to attend his offi .....

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27.9.2015; (ii) 31.10.2015. Is the notice valid? Solution:- Yes. No, Notice can be served only till 30.9.2015. Notice deemed to be valid in certain circumstances [Section 292BB] [Inserted by the finance Act,2008, w.e.f. 1.4.2008]:- Where an assessee has appeared in any proceeding or cooperated in any inquiry relating to an assessment or reassessment, it shall be deemed that any notice under any provision of this Act, which is required to be served upon him, has been duly served upon him in time .....

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consequence of a default in complying with the notice under section 143(2), may entail an ex parte, best judgment assessment under section 144. Such a default may also attract penalty under section 271(1)(b) which has been fixed at Rs.10,000. Distinction between notice under section 142(1) and section 143(2) S.No. Notice under section 143(2) Notice under section 142(1) 1. It is a notice for making assessment under section 143(3). It is a notice to file return of income or produce accounts or doc .....

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iabilities not included in accounts is required. 5. There is no such provision in this case Books of account can be asked for a maximum period of 3 years prior to the previous year. 6. Notice can be served only if the return of income has been furnished. Notice can be served even if no return of income is required. 7. Non-compliance of notice under section 143(2) is not an offence. Hence, prosecution cannot be launched under section 276D. Non-compliance with a notice under section 142(1) is an o .....

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