Assessment u/s 147
This query is : Resolved
28 July 2012
can assessment u/s 147 is initiated while assessment pending u/s 143(3), if assessing officer has reason to believe that income which was escaped assessment
28 July 2012
When the assessment is already pending in Sextion 143(3) The A.o. will assess all the incomes which has escaped assessment in 143(3) itself, There is no question about levying 147 in the above case.
28 July 2012
thanks could u tell me if there is intimation issued from A.O. u/s 143(1) and A.O. issued a notice u/s 148 can that process be challenged by assessee?
28 July 2012
If A.O. has already issued a notice under section 143(1) and if that 143(1) has acquired finality and after some time A.O. comes to know about any escaped assessment then the A.O. could issue a notice under section 148...A.o. would issue a notice under section 148 when the time limit of assessment under section 143(3) has expired.
29 July 2012
is it mandatory to make assessment for any financial year u/s 143(3)in which notice u/s 143(1) is already issued ? or there is option for A.O to make direct assessment u/s 147 if he has reason to believe that income has escaped assessment without completion assessment u/s 143(3).
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