section 143(3)

  • Nov
  • 13

Notice u/s 143(2) issued prior to filing of return in response to notice u/s 147 is invalid, even if return is filed late

Hon’ble Bangalore ITAT has in the case of Shri G.N.Mohan Raju,v/s ITO in ITA No.242 & 243(Bang) 2013 has held that notice u/s 143(2) issued prior to filing of return in response to notice u/s 147 is invalid, even if return is filed late. AO could not treat a return filed prior to issue of notice u/s 148 of the Act as a return filed by the assessee, pursuant to such notice unless and until assessee had given a direction or request on these lines.

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  • Oct
  • 15

Omission of notice u/s 143(2) of the Act is not merely a procedural irregularity

Prarthana Jalan Hon’ble Jodhpur ITAT has in the case of ITO V/s Shri Bhuvanesh Maheshwari has held that Omission of notice u/s 143(2) of the Act  is not merely a procedural irregularity and it is not curable. Facts of the case in brief are that the assessee filed his return of income belatedly on 26/03/2010 […]

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  • Oct
  • 11

FAQs on Assessments under Income-Tax Act, 1961

​What is the meaning of assessment?​ ​Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer, the next step is the processing of the return of income by the […]

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  • Mar
  • 14

Scrutiny on the basis of data in Annual Information Return (AIR)

CA. M. Lakshmanan As per notification F.No. 225/26/2006-ITA.II (Pt.) dated 8th September 2010 scope of enquiry in the scrutiny cases selected on the basis of information collected from AIR returns would be limited to the aspects of information received through AIR.

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  • Jan
  • 04

Format of details to submitted during Income Tax Assessment

We have attached a file in excel format. The file contains the format of various details which normally assessing officer asks Assessee to furnish during Scrutiny Assessment U/s. 143(3) of the Income Tax Act, 1961. We have attached the format of following details :-

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  • Jul
  • 03

Income tax Assessment Procedure in Nutshell – PART I

Income tax assessment is estimation for an amount assessed while paying Income Tax by assessee himself or by income tax officer. Following types of assessment are carried out under Income tax act. We will discuss each type of assessment in detailed in this article.

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  • Apr
  • 20

Initiation of Reassessment before expiry of time limit for scrutiny assessment is valid

On a query put by the Court, learned counsel for the assessee accepts if the recourse to Section 143(3) would have been barred by time, there would have been no restriction to initiate the re-assessment proceeding under Section 147 of the Act. We may add that there is nothing on the plain language of Section 143 of the Act which may suggest that the recourse to Section 147 can be had only when the period of limitation to complete assessment proceeding has expired or the Assessing Authority should wait for the expiry of the said period. The said argument is ridiculous and not acceptable.

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  • Feb
  • 13

Refund to be granted only if ROI is either processed u/s. 143(1) or assessment is made u/s.143(3)

It is not disputed by the assessee that the return of income was filed beyond the time limit prescribed by section 139(1) and even section 139(4). Under sub-section (4) of section 139 the assessee ought to have filed the return on or before 31-3-2000. However, the return was filed only on 10-10-2000. Under general principles, a refund of taxes can be granted only where the return of income is processed under section 143(1) or an assessment is made under section 143(3) after inquiry.

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  • Mar
  • 17

Extension of time for completion of assessments and reassessments

The existing provisions of section 153 and 153B, inter alia, provides the time limit for completion of assessment and reassessment of income by the Assessing Officer. Time limits have been provided for completion of assessment or reassessment under section 143(3), 147, 153A, 153C, etc. Further, these time limits get extended if a reference is made under section 92CA to the Transfer Pricing Officer during the course of assessment/reassessment proceedings. These time limits are either from the end of the financial year in which the notice for initiation of the proceedings was served or from the end of the assessment year to which the proceedings relate.

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  • Feb
  • 10

Section 143(3) assessment order without AO’s signature is Void – ITAT Mumbai

Vijay Corporation Vs. ITO (ITAT Mumbai) – Provisions of Sec. 143(3) of the Act contemplates that the AO shall pass an order of assessment in writing. The requirement of signature of the AO is therefore a legal requirement. The omission to sign the order of assessmenet cannot be explained by relying on the provisions of Sec.292B of the Act.

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