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Amendment of section 143.

Clause 66 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 66 - 66. In section 143 of the Income-tax Act,- (a) with effect from the 1st day of April, 2017,- (I) in sub-section (1), in clause (a),- (A) in sub-clause (i), the word or appearing at the end shall be omitted; (B) after sub-clause (ii), the following sub-clauses shall be inserted, namely:- (iii) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specif .....

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e total income in the return: Provided that no such adjustments shall be made unless an intimation is given to the assessee of such adjustments either in writing or in electronic mode: Provided further that the response received from the assessee, if any, shall be considered before making any adjustment, and in a case where no response is received within thirty days of the issue of such intimation, such adjustments shall be made; ; (II) in sub-section (1D), the following proviso shall be inserte .....

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e assessee has not understated the income or has not computed excessive loss or has not under-paid the tax in any manner, shall serve on the assessee a notice requiring him, on a date to be specified therein, either to attend the office of the Assessing Officer or to produce, or cause to be produced before the Assessing Officer any evidence on which the assessee may rely in support of the return: Provided that no notice under this sub-section shall be served on the assessee after the expiry of s .....

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count of an incorrect claim, if such incorrect claim is apparent from any information in the return. It is proposed to expand the scope of adjustments that can be made at the time of processing under sub-section (1) of the said section to further include adjustments as under:- (i) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed is furnished beyond the due date specified under sub-section (1) of section 139; (ii) disallowance of expenditure indica .....

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